Thirteen FDI proposals cleared

The government on Friday approved as many as 13 FDI proposals worth Rs 1,524.70 crore including one by steel major ArcelorMittal for its operations in India and by Cyprus-based Golboot Holdings, which is reportedly pumping in Rs 700 crore in corporate major Mahindra & Mahindra.
“Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on June 4, Finance Minister P Chidambaram has approved 13 proposals of Foreign Direct Investment (FDI) amounting to Rs 1,524.70 crore,” said a Finance Ministry statement.