The government has cleared 23 proposals that will bring a total of Rs 5,910.66 crore (Rs 59.10 billion) of foreign investment, a major chunk of which will come through Reliance Communications Ltd's plans to sell securities in overseas markets.
Foreign institutional investors have been allowed to invest up to Rs 5,400 crore (Rs 54 billion) in Reliance Communications through ADRs or GDRs.
The Anil Ambani
Group company has been seeking funds for a possible acquisition of telecom service provider Hutchison Essar Ltd, which will help it become the largest mobile operator in the country.
Proposals by merchant banker Lehman Brothers, power generation company Velcan Energy of France and Horse-Shoe Capital of Mauritius are other cases cleared by Finance Minister P Chidambaram on the recommendations of Foreign Investment Promotion Board.
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