The Centre, on Thursday, approved as many as 17 proposals envisaging Foreign Direct Investment (FDI) to the tune of nearly Rs 590 crore in sectors like constructions and telecommunication.

These proposals were cleared by the Finance Minister P Chidambaram on the basis of recommendations made by the Foreign Investment Promotion Board (FIPB).

The major FDI proposal relates to that of Sweden-based Quinn Hotels Sweden to form a 100 per cent subsidiary with a capital of Rs 313.22 crore for investments in construction development activities and acquiring existing company engaged in development of hotels.

Saudi Economic & Development Company proposal to set up a holding company at a cost of Rs 46 crore for making downstream investment in FDI compliant activities got the approval of the government.

 Flemingo Duty Free Shop Private  Limited plans for infusion of foreign equity worth Rs 80 crore by Walker Investments for setting up duty free shops at airports and seaports, too go the green signal. Flemingo’s second proposal for induction of foreign equity worth Rs 20 crores by Walker Investments for setting up duty free shops at airports and seaports.

Other approvals
Mumbai-based Digicable Network (India) Private Limited for induction of FDI up to 49 per cent amounting Rs 41 crore in rupee terms in a company engaged in transmission through cable network, received the approval.

The government also approved Singapore-based Google Holdings Pte Limited’s plans for induction of foreign equity by way of subscribing to 30 per cent units of Ventureast Tenet fund II, a Sebi registered venture capital fund. The total volume of FDI inflow involved is Rs 15 crore.

The other FDI proposal cleared was of Mumbai-based ISS Management Services Private Limited for conversion of operating company into operating-cum holding company for making downstream investments and also undertaking Facility Management Services. This will involve FDI inflow of Rs 22 crore.