The Government has given a green signal to a Rs 674-crore foreign investment proposal by Abhijeet Power Ltd and another CLSA Singapore’s proposal to invest Rs 225 crore in the country.

These are among the 14 foreign direct investment proposals approved by the Government amounting to Rs 1,584.11 crore.

According to an official statement, Bajaj Finserv Ltd’s Rs 100-crore proposal relating to issue and allotment of equity shares to carry out business relating to NBFC activities also received the Government’s approval.

FIPB deferred 15 proposals and rejected seven. Among those rejected include Zara Holding’s proposal to set up joint venture with 51 per cent foreign equity participation for single brand retail. Appu Ghar Holdings proposal to make downstream investments was also turned down.

Among the proposals deferred include NYK Line Ltd setting up a limited liability partnership by indirect investment and Vyome Biosciences proposal to infuse foreign equity.

Three proposals have been advised that FIPB approval is not required. These include retailer Fabindia Overseas’ proposal to change shareholding structure of existing foreign investors within the approved holding limit of 51 per cent.

bindu.menon@thehindu.co.in

(This article was published on July 24, 2012)
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