The government has cleared 22 proposals, including those of Yamaha and Nokia, that will bring in Rs 541.25 crore of foreign direct investment (FDI) into India.
The proposals, cleared on the recommendation of the Foreign Investment Promotion Board (FIPB), include Nokia’s plan to set up the first single-brand retail joint venture with HCL Infosystems to sell handsets and accessories that will bring in Rs 25 lakh in the country.
Yamaha’s proposal to transfer its business operations to a new company in India, India Yamaha Motor Pvt Ltd, was also given the go-ahead by the Government.
Mumbai-based broadband company Tikona Digital Networks will bring in the highest FDI of Rs 237.26 crore, while Kolkata-based Electrosteel Castings, which is in the metal business, will receive Rs 157.47 crore of FDI.
Two proposals, including Al Khaleej’s plans to set up a sugar refinery, have been rejected.
