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The Government today approved 14 foreign direct investment (FDI) proposals, including that of Mauritius-based Ghir Investments, totalling Rs 1,289.85 crore.
The Foreign Investment Promotion Board (FIPB), however, deferred the decision on 27 proposals, including that of Essar Capital Holdings and Forbo Holding AG, Lindenstrasse, Switzerland.
“Based on the recommendations of FIPB...Government has approved 14 proposals of FDI amounting to Rs 1289.855 crore,” an official statement said.
The FIPB, which falls under the Finance Ministry, gave its nod to the Kolkata-based Dhunseri Investments’ FDI proposal worth Rs 715 crore. The company had proposed to issue and allot equity shares to the non-resident shareholders consequent upon demerger.
Ghir Investments got the FIPB approval for induction of foreign equity in an investing company. The Mauritius-based company proposes to bring in FDI worth Rs 530 crore.
The other proposals, which were cleared, include that of Pipavav Shipyard, Gujarat, to undertake additional activity relating to defence sector.
Kyuden International Corporation, Japan also got clearance to set up a joint venture investment company to undertake downstream investments in the business of developing and establishing renewable power projects.
Meanwhile, the next meeting of the FIPB is scheduled to be held on April 20.
As per the statement, the Government deferred the decision on the proposal of Verizon Communications India to transfer equity shares to a non-resident group in telecom sector.
Decision on the request of Forbo Holding AG, Lindenstrasse, Switzerland, to set up a new wholly owned subsidiary to undertake the business of manufacturing, sale, distribution, lease, import and export of power transmission belts, sophisticated conveyor and processing belts was also deferred.
Similarly, the board put off its decision on the proposal of Essar Capital Holdings (India), Mumbai, for acquiring equity shares by way of subscription to new equity shares and/or purchase of existing equity shares in an investing company engaged in telecom sector.
The FIPB also rejected five proposals including those of Henry Lamotte India and Mecords India Ltd, Mumbai.
During April-January 2010-11, India received FDI worth Rs 77,902 crore ($17.08 billion), down 29 per cent from Rs 1,09,668 in the same period last year.
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