New Delhi: The proposal of India Communication's Global Partners (PCC), a Mauritius- based company, to acquire 10 per cent equity in Shyam Telecom for Rs 73.5 crore (including premium) is among the 39 foreign direct investment proposals, involving Rs 192 crore investment, cleared by the government on May 21.

The proposals were approved by Commerce and Industry Minister Murasoli Maran on the basis of recommendations made by the Foreign Investment Promotion Board (FIPB), an official release said.

Singapore Airport Terminal Services' proposal envisages acquisition of 49 per cent stake in Taj SATS Air Catering Ltd by bringing in Rs 67.17 crore FDI. The company plans to take up air and institutional catering besides operating restaurants via this joint venture.

PTI