The Government has approved six foreign direct investment (FDI) proposals worth over Rs 732 crore based on the Foreign Investment Promotion Board’s recommendations.
The two largest proposals notified by the Finance Ministry on Tuesday include Hyderabad-based Navayuga Road Projects Pvt Ltd’s plans to make downstream investments in its Special Purpose Companies worth Rs 357.60 crore and SIDBI Social Venture Trust’s submission to bring in foreign investment worth Rs 285 crore by allotting some units of the Fund.
The list also includes Malaysian airline AirAsia Investment’s proposal to invest Rs 80.98 crore in a joint venture company with Tata Group.
All six proposals were approved by the FIPB, headed by Economic Affairs Secretary Arvind Mayaram, in its meeting on March 6.
Clearance was given to Bangalore-based Bharat Electronics Ltd’s proposal to set up a joint venture company worth Rs 2.5 crore to design, develop and market civilian and select defence radars for Indian and global markets.
Hyderabad-based AET Laboratories Pvt Ltd’s was also allowed to infuse additional foreign equity worth Rs 5.34 crore in a pharmaceutical company.
The FIPB deferred seven proposals and rejected one. The deferred proposals include ICICI Venture Funds Management Company Ltd’s request to bring funds from a foreign limited liability company FVCI for investing in a trust that would in turn make investments in portfolio companies.
The FIPB rejected Andhra Pradesh-based Prithvi Information Solutions’ proposal to issue warrants for providing end-to-end solutions in IT and knowledge service in addition to providing consulting and staff augmentation.