Government clears FDI proposals worth Rs 3,250 cr
New Delhi, May 11: The Finance Ministry on Friday said it cleared an FDI proposal last month which will bring total foreign investment worth Rs 3,250 crore.
The proposal sought Foreign Direct Investment (FDI) in Hindustan Infralog Pvt Ltd, a proposed investing company, by Netherlands-based DP World Global Investment BV.
The investment will amount to 65 per cent of paid-up share capital of Hindustan Infralog, the Economic Affairs Department said in a statement.
It said that in the same month, the government disposed off a total of five FDI proposals approving three and rejecting one while one was sent back to the applicant.
While a proposal for acquisition of up to 100 per cent share capital in a non-operational investment holding company called Vadodara Stock Exchange Ltd was sent back to Northvale Capital Partners Pvt Ltd on the ground of being "premature", another proposal was rejected seeking post facto approval for the cumulative investments made in Kora Research Advisors India by two US-based companies Kora Management LP and Kora LLC.
However, the Economic Affairs Department approved a proposal by Alcon Laboratories (India) Pvt Ltd seeking to undertake financial lease of ophthalmic surgical equipment in India in addition to the existing business of wholesale trading.
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Heavy rains set off flash floods in northern Afghanistan, killing at least 50 people
Islamabad (AP): Flash floods from seasonal rains in Baghlan province in northern Afghanistan killed at least 50 people on Friday, a Taliban official said.
The floods also caused losses to homes and property in several districts, according to Edayatullah Hamdard, the provincial director of Natural Disaster Management in Baghlan. He said that the death toll was preliminary and that it "might rise as many people are missing”.
The flash floods also hit the capital, Kabul, said Abdullah Janan Saiq, the Taliban's spokesman for the State Ministry for Natural Disaster Management. He said that rescue teams bringing food and other aid have been dispatched to the affected areas.
Saiq said that the rescue operation is the main focus of authorities at the moment, and that he later might be able to provide more precise figures on casualties and damage.
In April, at least 70 people died from heavy rains and flash flooding in the country. About 2,000 homes, three mosques, and four schools were damaged last month. Thousands of people require humanitarian assistance. The flooding also damaged agriculture land and 2,500 animals died in the deluges, according to Saiq.
