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Govt clears Rs 168-cr FDI proposals

Our Bureau

NEW DELHI, June 9

THE Florida-based Creative IT's plan to issue fresh shares involving foreign direct investment (FDI) worth Rs 78.5 crore was among the FDI proposals cleared by the Minister of Finance and Company Affairs, Mr Jaswant Singh, on Monday. The company plans to operate from Gujarat and will design, engineer, finance, build and market infocity projects.

A total of 18 proposals involving FDI worth Rs 168 crore were approved by the Minister.

The other proposals relate to manufacture and export of agro chemicals, contract research, hotels, health tourism and software development.

Among the other proposals cleared today was a Rs 50-crore plan by Sigma Aldrich Fording Holding Company to manufacture and export chemicals from Bangalore. The company plans to set up an export-oriented unit with 100 per cent foreign equity participation.

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