Apr. 28 – The Indian government has cleared 22 foreign direct investment proposals, including those of Yamaha and Nokia, worth Rs 541.25 crore.
The proposals were approved by the Foreign Investment Promotion Board (FIPB) and include Nokia’s plan for a joint venture with HCL Infosystems for a single-brand retail to sell handsets and accessories worth Rs 25 lakh. There is also Yamaha’s plan to transfer business operations to a new company in India, India Yamaha Motor Pvt. Ltd.
Broadband company, Tikona Digital Networks garnered the largest FDI amount at Rs 237.26 crore. , was also given the go-ahead by the government. The Kolkata-based Electrosteel Castings, is set to receive Rs 157.47 crore of FDI.
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