Government Clears 17 FDI Proposals

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Dec. 2 – The government has approved 17 foreign direct investment proposals worth US$$984 million.

Majority of this amount includes a huge investment by Russian government agency Sistema for a 20 percent stake in joint venture with service provider Shyam. The fund infusion will be used to further expand the reach of Sistema-Shyam’s MTS brand to 13 more cities.

Foreign investors with proposals worth more than Rs 6oo crore or about US$129 million are referred to the Cabinet Committee on Economic Affairs for approval according to the Press Trust of India.

Authorities also approved the FDI proposals of Delhi-based Scorpios Beverages and AG Mercantile as well as for Telecom Investments India.