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FIPB clears 13 FDI proposals worth
Rs 2.19 billion

A Rs 1.22-billion project by Bharti Telesonic Ltd for long-distance telecom operations and a Rs 862.6-million proposal by S Astra Pharmaceuticals AB of Sweden were among FDI proposals worth Rs 2.19 billion cleared by the Foreign Investment Promotion Board on Tuesday.

The 13 foreign direct investment proposals cleared included manufacture and sale of drugs, information technology and software solutions, Internet service provider-related services, telecom and non-banking financial services, an official release said.

The Bharati Telesonic, which seeks to provide domestic long-distance telecom operations, topped the list with a Rs 1.22-billion FDI proposal involving 49 per cent foreign equity investment, it said.

Pharmaceuticals manufacturers Astra Pharmaceuticals Ltd followed the Telecom Firm in terms of value with a Rs 862.6 million proposal for increasing the foreign equity to 51.5 per cent from the present 25.75 per cent, it added.

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