100-per cent FDI in higher education
New Delhi: The government has said it will allow 100 pc foreign direct investment (FDI) in higher education as it had committed at the WTO in 2003.

The FDI would be allowed under the Foreign Education Providers (Regulation) Bill drafted by the Ministry which will allow foreign universities to set up campuses in India.

Ministerial sources said that though there will be 100 per cent FDI in higher education, domestic policies like reservation would apply to all foreign education providers.
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Salim Group's investment in Bengal SEZ gets FIPB clearance
New Delhi: The Foreign Investment Promotion Board (FIPB) has formally cleared Salim Group's investments in the proposed SEZ at Nandigram in the East Midnapore district of the State. Salim Grouo is one of the largest industrial groups of Indonesia.

This is despite the ongoing controversy over the acquisition of land in West Bengal for new industrial projects and setting up special economic zones (SEZs). The board has also cleared Salim's proposed investments in other projects that include townships, housing, industrial parks and related infrastructure, official sources said.

The matter will now be transferred to the Cabinet Committee on Economic Affairs (CCEA) since the proposed foreign direct investment inflows are in excess of Rs600 crore. Salim Group committed a total investment of around Rs20,000 crore over a number of years in West Bengal last year.

The company has entered into development agreement with the State Government and the West Bengal Industrial Development Corporation Ltd (WBIDC) to act as the developer for the proposed New Kolkata Project.

Salim group has already made investments in India in a project for developing an integrated township near Kolkata in a joint venture with a non-resident Indian, Prasoon Mukherjee, promoter of the Universal Success Enterprise (USE group) and the Ciputra Group of Indonesia, the company has informed the FIPB.

The new company, NKID, has also obtained the necessary no objection certificate (NOC) from Kolkata West International City Private Ltd (KWIC) and its Indian partner Dhanalakshmi Abasan Private Ltd and submitted them to the board following which the proposal has been cleared by the board, sources said.
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India may sign gas import deal with Iran
New Delhi: India may sign a $145 billion deal to import natural gas from Iran in June through the proposed Iran-Pakistan-India pipeline after Tehran lowered the sale price by 30 per cent.

Tehran, as a last ditch attempt to salvage the project that would give the US sanction hit country about $9.5-billion in revenue annually, has changed the price formula from 10 per cent of the ruling Brent crude oil price plus $1.2-per million British th ermal unit (mBtu) fixed cost to 6.3 per cent of the Japanese crude cocktail (JCC) plus $1.15 per mBtu.

At $60 per barrel crude price, the cost of gas at Iran-Pakistan border translates into $4.93 per mBtu according to the new price formula proposed by Iran at the official level talks at Tehran on January 24-25. As per the previous formulae, proposed in Au gust 2006, gas price came to $7.2 per mBtu at $60 per barrel crude oil price. India would also pay $1.5 per mBtu for piping gas through Pakistan and transit fee to Islamabad.
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