Finance Minister P Chidambaram has approved 17 proposals for foreign investments, including a proposal by Quinn Hotels Sweden AB to invest Rs 313 crore (Rs 3.13 billion) in a 100 per cent owned holding company for construction activities and acquiring an existing company engaged in development of hotels.
The total investment for all the proposals approved today is Rs 590 crore (Rs 5.9 billion). The proposals were earlier cleared by the Foreign Investment Promotion Board in it meeting held on July 13.
A proposal by ORIX Corporation to induct foreign equity up to 5 per cent in IL&FS Securities Services Ltd and another proposal by Walker Investments to induct foreign equity worth Rs 80 crore in Flemingo Duty Free Shop Pvt Ltd for setting up duty-free shops at airports and seaports were also cleared.