Centre clears 17 FDI plans

The government on Tuesday approved 17 foreign direct investment proposals which will result in an inflow of Rs 1,158 crore into the country. The finance ministry has also recommended two proposals to the cabinet for consideration as they involved an investment of more than Rs 600 crore. It included a proposal by the Jet airways to raise Rs 2,000 by selling shares to foreign investors. The airline intended to raise the money to meet the cash flow requirements and had got the shareholders’ approval for the same on July 24. Mr Lakshmi Mittal-led ArcelorMittal’s proposal to buy 35 per cent stake in secondary steel producer Uttam Galva for Rs 500 crore got government’s nod.