New Delhi, July 30: Finance Minister Jaswant Singh on Tuesday cleared a Rs 213 crore FDI proposal of US-based Hughes Electronics Corporation for investment in telecommunication infrastructure in Kolkata. This is one of the 21 FIPB proposals cleared by the minister with FDI totalling Rs 263.78 crore, an official release said.
The proposals pertain to cargo handling, consumer electronics, lighting appliances and investments in telecommunication sector and computer software development.
Another major proposal cleared is the Rs 43.50 crore FDI proposal of Koninklijke, Philips of Netherlands has acquired 6.7 per cent outstanding shares by the foreign investor in Philips India project in Punjab.
The Hughes was collaborating with Rithambara Agents, Tata Teleservices and Goldman Agents for investments in telecom infrastructure in Kolkata.
Bureau Report