Tuesday, March 14 2006 20:08 Hrs (IST) - World Time -

New Delhi: Global financial majors AIG and Genworth along with US-based Century Telephone Enterprises Inc, P&O Port and Tower Vision Ltd today (Mar 14 2006) obtained the clearance from the government for investing heavily in India.

These are part of the 27 FDI proposals worth Rs 997.9 crore cleared by Finance Minister P Chidambaram, following the the recommendations of Foreign Investment Promotion Board.

The biggest FDI plan was of Genworth Financial INc of US, which wants to foray into non-banking financing sector for an initial investment of Rs 235 crore.

Another American company AIG Capital Corp is also eyeing entry into asset management and consumer finance for an investment of Rs 225 crore.

Century Telephone Enterprises Inc of US plans to hike its stake from 49 to 44 per cent in Aircel Ltd for an investment of Rs 180 crore.

BT Global Communication of Mauritius wants to set up a new venture for an investment of Rs9 crore to foray into the country's fast growing telecom services.

Tower Vision Ltd of Israel is to invest Rs 110 crore for setting up a wholly-owned subsidiary to take part in India's infrastructure development.

Similarly, P&O Port of Mauritius will form a Special Purpose Vehicle with 69 per cent equity for an investment of Rs 41.40 crore to engage in port development.

Petronas International of Malaysia is planning to buy upto 100 per cent in Prima Lubricants Marketing India for Rs 58 crore.

Imerys Pacific Ltd of Mauritius obtained the go ahead for setting up a company for manufacturing wet calcium carbonate with an initial investment of Rs 45 crore.