Government clears 9 FDI proposals worth Rs524 crore

The government has cleared nine proposals that will bring in foreign investment of Rs524 crore, more than half of which will come from Japan's Mitsui and Company for setting up warehousing and container freight stations in the country.

Mitsui plans to invest Rs326 crore in its ventures.

However, a proposal by US-based Telecordia Technologies for mobile number portability has been deferred on concerns raised by the home ministry.

Mobile number portability allows mobile phone users to retain their mobile number across service providers.

In addition to the Telecordia proposal, six other proposals, including one from US-based Verizon Communications for transfer of equity shares, were also deferred.

The government rejected a total of five proposals, including that of Bangladesh-based Southern CNG Automobiles, on the Foreign Investment Promotion Board's (FIPB) recommendations.