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Cabinet clears FDI route for development fund

New Delhi, March 4 (IANS) The Cabinet Committee on Economic Affairs (CCEA) Thursday gave its approval to a proposal that would result in foreign direct investment (FDI) exceeding Rs.750 crore in the country.

According to an official spokesman, the cabinet approved proposal of M/s. India Infrastructure Development Fund Limited (Mauritius) to seek contributions from international investors and invest the these in the India Infrastructure Development Fund (FUND) by subscribing to units of the same under the FDI route.

The spokesman said the approval would result in FDI exceeding Rs.750 crore in the country. The CCEA meeting was chaired by Prime Minister Manmohan Singh.

The proposal had been cleared by Foreign Investment Promotion Board (FIPB).

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