The Government has approved eight FDI proposals worth Rs 1,311.54 crore which includes Norwegian telecom company Telenor’s proposal to increase stake in its joint venture company Telewings Communications from 49 per cent to 74 per cent.

Jet-Etihad deferred

Ten proposals including Jet Airways plans to sell 24 per cent stake to Abu-Dhabi-based Etihad have been deferred based on the decision taken by the Foreign Investment Promotion Board (FIPB) in its meeting last month, a Finance Ministry release said.

The proposal of Multi Commodity Exchange (MCX) to bring in foreign investment was rejected, the release added.

Telenor Mobile Communication AS, has been given approval to invest Rs 1,000 crore to raise its stake in Telewings to 74 per cent.

Other proposals

Other proposals that have been cleared include Mahle Holding India Ltd’s proposal to bring in Rs 280 crore, Kolkata-based Srei Infrastructure Finance’s proposal to set up White label ATMs with no additional investment and UK-based Aveva Solutions Ltd’s proposal for setting up a Limited Liability Partnership for software development by investing Rs 8.39 crore.

Bangladeshi Rabiul Alam’s proposal to set up a new company in India with 100 per cent FDI to manufacture engineering products by investing Rs 20.28 crore also got the green signal.

While Jet’s proposal to sell stake to Etihad for Rs 2,000 crore was deferred, it does not feature in FIPB’s next meeting scheduled on July 5.

(This article was published on July 3, 2013)
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