Hungarian mining firm gets nod for titanium separation

Mumbai News.Net
Friday 4th July, 2008 (IANS)

A Hungarian company has secured Finance Minister P. Chidambaram's permission to invest Rs.240 million ($6 million) for a 74 percent stake in a company that will mine and separate titanium-bearing minerals.

The approval to Global Energy Mining and Minerals KFT of Hungary was given, based on a recommendations of the Foreign Investment Promotion Board (FIPB), said an official statement Friday.

This was part of Chidambaram's approvals to 28 proposals for foreign direct investment, involving a new inflow of foreign exchange to the tune of Rs.13 billion ($325 million).

Other proposals that have secured the finance minister's approval include Britain's Marks and Spencer and Belgium's Pearle for single-brand retail chains, Macmillian for publishing speciality magazine, and Mikuni of Japan for auto components.

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