FIPB clears 22 Foreign Direct Investment Proposals and rejects 2

The proposals, cleared on the recommendation of the Foreign Investment Promotion Board (FIPB), include Nokia's plan to set up the first single-brand retail joint venture with HCL Infosystems to sell handsets and accessories that will bring in Rs 25 lakh in the country.  Yamaha's proposal to transfer its business operations to a new company in India, India Yamaha Motor Pvt Ltd., was also given the go-ahead by the government.  Mumbai-based broadband company Tikona Digital Networks will bring in the highest FDI of Rs 237.26 crore, while Kolkata-based Electrosteel Castings, which is in the metal business, will receive Rs 157.47 crore of FDI.  Two proposals, including Al Khaleej's plans to set up a sugar refinery, have been rejected.