Chidambaram sends first FDI green signal

Finance Minister P. Chidambaram today cleared 24 foreign direct investment proposals worth Rs 37.86 crore including US-based Avaya International’s plan to hike stake in Tata Telecom.

The major investment proposals cleared on the recommendation of Foreign Investment Promotion Board mainly pertain to wholesale trading in chemicals, pharma, power generation, telecom and software development, an official release said.

Bangkok-based Mount Everest Trading Company’s plans to pick up stakes in Sunsar Impex for Rs 11.25 crore and also in Concord Chemicals for Rs 6.75 crore were the major FDI proposals passed by the FIPB.

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Avaya got government’s nod to hike its stake in Tata Telecom from 25 to 75 pc for Rs 7.04 crore.

Swedish firm Astra Pharmaceuticals got the green signal for extension of validity of the foreign currency approval.