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Rs 250 Crores FDI proposals gets cleared

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Finance Ministry had permitted 32 FDI applications which was amounting Rs. 249.81 Crores including Rs. 141 Crores investment by amusement main Walt Disney. Other offers comprises US based Realty Consultants Beekman Helix and Rs. 27 Crores was invested by Sweden based Volvo Bus Corp. The Automobile icon Honda was also approved to invest Rs. 10 Crores. Main investment plans related to the departments of Commerce, Economic Affairs, Heavy Industry and Information and Broadcasting and these plans were suggested by the Foreign Investment Promotion Board (FIPB) in one of the conference. This permitted Walt Disney to introduce FE by way of gaining of equity and convertible preference shares from the accessible investors. This progress also permitted FDI into the realty sector approving US Based realty consultants Beekman Helix India to introduce FE up to 100% for creating gush by investing in Realty sector.
Volvo which is a Sweden based had permitted to fix up a new JV company to hold on the business of development, assembly, manufacture, export and auction of buses and coaches. Similarly, Honda Motor was permitted to allow operation of management capability of Honda on spare parts amounting to an investment of Rs. 10 Crores. 32 proposals were permitted and two proposals related to FDI in single brand retail.
Source: NIMMA BENGALURU

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