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New Delhi Jan. 23 The Government today approved 23 foreign direct investment (FDI) proposals worth Rs 5,910.66 crore.

The largest proposal cleared by the Finance Minister, Mr P. Chidambaram, is Reliance Communications' plans to raise up to Rs 5,400 crore ($1.2 billion) from foreign institutional investors (FIIs) through issue of ADR/GDRs, according to an official release.

The joint proposal from Singapore-based Lehman Brothers Securities Pte Ltd and Mauritius-based LB India Holdings Cayman II Ltd to invest Rs 225 crore in Layman Brothers Securities Private Ltd for converting operating company into an operating-cum-holding company and to make downstream investment in subsidiaries in the NBFC sector and also to undertake the activities of primary dealers in the Government securities market has also been okayed by the Minister.

French company Velcan Energy has also received permission to convert its Bangalore-based operating company - Velcan Renewable Energy Ltd - into an operating-cum-holding company involving an FDI worth Rs 200 crore.

Mauritius-based Horse-Shoe Capital's plan will bring in Rs 45 crore FDI to make downstream investment up to 100 per cent in a company engaged in telecom infrastructure provider category too has been given the green signal to move ahead.

Singapore-based Verizon Asia pacific and Hong Kong-based Verizon Hong Kong has received joint permission to provide international long distance services through World Communications India Private Ltd.

Sincere Watch Ltd of Singapore will bring in Rs 2.51 crore to form a wholly owned subsidiary to set up duty-free shops at airports, seaports and SEZs.

Hong Kong-based Haier International would set up a new joint venture company with foreign equity of 51 per cent for marketing and distribution of Haier brand mobile phones. The proposal involves FDI of Rs 1.12 crore.

US-based Bloomingdale International's proposal to pump in Rs 8.60 crore of FDI for running or setting up of three-star, five-star hotels, lodging houses and guest houses has also been approved by the Minister.

More Stories on : Foreign Direct Investment | Reliance Communications Ltd

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