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The Centre has cleared 10 foreign direct investment proposals worth ₹607 crore. It has also referred the ₹5,856.51-crore proposal of ATC Asia Pacific for acquisition of 51 per cent stake in Viom Networks to the Cabinet Committee on Economic Affairs.
The decisions were taken at the meeting of the Foreign Investment Promotion Board on January 22.
“Eight proposals have been deferred. Five proposals have been rejected,” said an official release on Monday.
The proposals approved include the ₹400-crore proposal of Alstom to arrange equity for its locomotive factory at Madhepura. It also approved the ₹145.22-crore FDI proposal of Cipla Ltd.
Other proposals cleared include those of pharma companies Glenmark Pharmaceuticals, Emcure Pharmaceuticals and Celestis Pharmaceuticals.
Among eight proposals deferred include those of ICICI Lombard General Insurance, ICICI Prudential Life Insurance, Taurus Ventures and Almondz Insurance Brokers.
Five FDI proposals rejected include those of Ashdene Investments, Veritas Ltd, KDK Softwares, Kemefs Specialities and Afro Asia Equipments.
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