The Government has approved 19 Foreign Direct Investment (FDI) proposals worth Rs 4,340.77 crore, a Finance Ministry statement said on Thursday.

These include Rs 1,100 crore of Tata Steel to issue warrants as part of fund mobilisation plan and Qualcomm's proposal to invest a total of Rs 797 crore for Internet and broadband services.

Qualcomm's investment is through four subsidiary companies — Wireless Business Services in Mumbai and Wireless Broadband Business Services in Haryana, Delhi and Kerala. Qualcomm had floated these subsidiaries after it had won broadband spectrum in these four states. Indian companies Tulip Telecom and GTL hold 26 per cent share in these ventures, while Qualcomm holds the balance.

Besides, a Rs 300-crore FDI proposal from the Mumbai-based Future Ventures, for induction of foreign equity in investing company by way of issue and allotment of equity shares in the IPO of the company to FIIs and NRIs under the Portfolio Investment Scheme, was given the go-ahead.

Also cleared were the proposal of Falcon Tyres, Karnataka, worth Rs 705.4 crore for inducting foreign equity by way of issue partly paid up shares, Rs 607 crore investment of Federal Express Europe Inc, US, for setting up a wholly owned subsidiary to undertake the business of courier, express transportation, logistics and warehousing services.

Approvals

These approvals were based on the recommendations of the Foreign Investment Promotion Board (FIPB) in its meeting on December 31.

However, the Government deferred decision on 16 FDI proposals, including that of Reliance Broadcast Network to induct foreign investment up to the limit of 20 per cent of the total paid up capital of the company.

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