Finance Minister P Chidambaram on Monday cleared two FDI proposals worth Rs 550 crore (Rs 5,500 million), which would allow the Mauritius-based FE Holding to set up an integrated township and an industrial park in Mohali, near Chandigarh.
The company will hold 100 per cent foreign stake in both the projects.
While it would invest Rs 500 crore (Rs 5,000 million) in the integrated township project, the foreign equity holding in the industrial park project would be Rs 50 crore (Rs 500 million), an official release said.
The two cases were recommended by the Foreign Investment Promotion Board.