The government of India has given green signal to 22 direct investment (FDI) proposals worth Rs 541.25 crore including those of Yamaha and Nokia. The proposals were cleared after the recommendation of the Foreign Investment Promotion Board (FIPB). With the approval of the government, world’s largest mobile handset maker Nokia will be able to form single-brand retail joint venture with HCL Infosystems to sell handsets and accessories. The JV will contribute Rs 25 lakh in the retail business.

 

The government has also cleared Japanese two-wheeler major Yamaha's proposal to transfer its Indian operations to a new company called India Yamaha Motor Pvt Ltd. However, Dubai-based Al Khaleej's proposal to set up a sugar refinery has been disqualified. Broadband company Tikona Digital Networks will bring in the largest amount of FDI worth Rs 237.26 crore by operating as internet service provider.

 

Among the six proposals deferred by the government, include telecom company Quippo's plan for merging its tower business with that of Tata Teleservices. Vijay Mallya-promoted United Breweries' request for acting as an operating-cum-investment company for making downstream investment has also been deferred. The joint venture between Nokai and HCL will enable the mobile handset manufacturer to import new handsets and sell them through the single-brand retail stores.