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The Indian government has approved 26 foreign investment proposals amounting to 10.43 billion rupees, including that of US-based John Deere Construction and Forestry and France's BNP Paribas Securities.
According to a government statement, John Deere Construction and Forestry, a subsidiary of Deere and Co. has received approval from government to set up a joint venture with an investment of 840 million rupees for manufacturing of construction equipment. BNP Paribas Securities has got approval for setting up a joint venture to undertake financial services.
According to the statement, these proposals have received clearance on the recommendation of Foreign Investment Promotion Board (FIPB), which met on March 20.
According to government estimates, the total volume of FDI inflows, which have been affected by the global financial meltdown, touched $ 23.9 billion during April 2008 and January.
The Government of India has also approved the proposal of Neo Sports Broadcasting to induct 2.59 billion rupees of foreign investment in a company engaged in the business uplinking and broadcasting of non-news and current affairs' of television channels. Reuters India
March 26, 2009
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