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Rs 1124 cr FDI proposal approved by govt

7/18/2009 1:57:00 PM

New Delhi, Aug (EPC News): The Government has approved 10 Proposals of Foreign Direct Investment amounting to nearly Rs 1124 Crore, based on the recommendations of Foreign Investment Promotion Board (FIPB) at its meeting held on July 24, 2009.

Those approved include, a proposal by SMS Siemag Aktiengesellschaf, Germany, to set up a joint venture company to carry out the activities relating to manufacture, sale and commissioning of Single Stand Reversing Cold Mills, Skin Pass Mills, Compact Cold Mills and Strip Process Lines. This proposal by SMS Siemag Aktiengesellschaf is expected to aid FDI worth Rs 30 crore. Meanwhile, a proposal by Taneja Aerospace and Aviation Ltd., Tamil Nadu, to regularize the FII investment in the Defence Sector has been deferred. A proposal by EADS, Germany and Larsen & Tourbo Limited (L&T), Mumbai to incorporate a manufacturing Joint Venture company to undertake the production of Defence equipment (manufacture of arms and armaments) was also deferred.