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42 FDI proposals worth Rs 2.18 bn cleared

The government on Thursday cleared 42 foreign direct investment proposals worth Rs 2.18 billion including a Rs 1.02 billion proposal pertaining to the issue of 20 million warrants on preference basis in Mumbai-based Silverline Technologies Ltd.

The proposals were cleared by Commerce and Industry Minister Murasoli Maran on the basis of recommendations made by the Foreign Investment Promotion Board, an official release said.

A Rs 500 million proposal of Mauritius based company Rama Mines for picking up 100 per cent equity in Mumbai-based Wasper Trading Ltd for mining exploration was also cleared.

Another proposal approved was that of French company Aldes Aeraulique's Rs 250 million for picking up 100 per cent equity in its Indian arm, it said.

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