Financial Daily from THE HINDU group of publications
Friday, Sep 27, 2002
Financial Daily from THE HINDU group of publications Friday, Sep 27, 2002 |
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Agri-Biz & Commodities
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Agricultural Policy Industry & Economy - Foreign Direct Investment Cabinet panel okays MSP for kharif crops — First FDI in realty gets nod Our Bureau
NEW DELHI, Sept. 26 THE Cabinet Committee on Economic Affairs today approved the minimum support prices for kharif crops for the 2002-03 season. It also approved the first foreign direct investment proposal in the real estate business. The MSPs of paddy, kharif coarse cereals, tur, soyabean and cotton have been fixed at last year's levels, according to an official release. However, the MSPs of moong and urad have been raised by Rs 10 per quintal each over the previous year's levels to Rs 1,330 per quintal. The MSP of groundnut-in-shell has been increased by Rs 15 per quintal over the last year's price to Rs 1,355 per quintal. In the case of sunflower seed, the MSP has been raised by Rs 10 per quintal over the previous year's price. As compared to last year, the MSPs of sesame and nigerseed have been fixed at Rs 1,450 per quintal and Rs 1,120 per quintal, marking an increase of Rs 50 and Rs 20 per quintal respectively. According to the release, the increase in the MSPs of the above crops is aimed at encouraging farmers to diversify from the normal rice-wheat cropping system. The committee also approved the proposal of Feedback Integrated Infrastructure Developers Ltd to set up an integrated residential township in Gurgaon, Haryana. Feedback Ventures Pvt Ltd is a joint venture between Feedback Ventures Group and OCL India Ltd, a Dalmia Group company. Both these companies will contribute Rs 5 crore each towards the share capital. The two foreign investors are Kontur Bintang Sdn Bhd, an overseas corporate body incorporated in Malaysia and Mr Tan Sri G. Gnanalingam, a Malaysian citizen, who have agreed to contribute $1 million each towards the share capital. According to the proposal, the township would be set up at a cost of Rs 737.24 crore on a minimum area of 100 acres. Further, the project would enjoy a minimum foreign participation of $5 million.
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