New Delhi: Despite violent protests in Nandigram against setting up of SEZs in West Bengal, the Centre today cleared a $500 million (Rs 2,250 crore) worth Foreign Direct Investment (FDI) proposal from Indonesia-based Salim and Ciputra groups for developing infrastructure projects, including SEZs in the state.
The proposal of the Salim and Ciputra groups-promoted New Kolkata International Development Private Limited (NKID) was approved by the Cabinet Committee on Economic Affairs (CCEA).
The Salim group would have 40 per cent stake in the joint venture company.
"The CCEA has approved the broad proposal since it involved FDI inflows exceeding Rs 600 crore. The exact nature of investment would depend on the agreement between the investors and the state government," as quoted by PTI, Finance Minister P Chidambaram told reporters after the CCEA meeting.
The project, approved on the recommendations of the Foreign Investment Promotion Board, would have an Indian equity partner as well, Chidambaram said.
NKID has entered into an agreement with the West Bengal government and the West Bengal Industrial Development Corporation Ltd for developing infrastructure projects comprising townships, housing, special economic zones and industrial parks among others.
The approval would be subject to certain guidelines governing FDI, the Finance Minister said.
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