FDI Proposals Worth Rs. 243 cr Cleared.

The government on Monday announced its approval to 12 foreign direct investment (FDI) proposals, which are expected to rake in a total of Rs.242.88 crore in foreign exchange. The cleared proposals include one by Allcargo Global Logistics entailing FDI worth Rs.141.36 crore and another by Indian Rotorcraft to carry out assembly of military and civil helicopters.

15 proposals deferred

The approvals were based on the recommendations of the Foreign Investment Promotion Board (FIPB). However, while rejecting seven applications at its meeting chaired by Economic Affairs Secretary R. Gopalan on September 2, the board also deferred its decision on 15 FDI proposals, including those of Vodafone Essar and Bangladesh-based Rahimafrooz Batteries.

As per the approval, Mumbai-based Allcargo Global Logistics has been given ex-post facto clearance for issuance and allotment of optionally convertible warrants to raise funds for setting up multi-modal transport operations and inland container depot/container freight stations as part of its logistics business.

Likewise, Mumbai-based Indian Rotorcraft had also sought permission to induct foreign equity to carry out the business of final assembly of military and civil versions of helicopters. When implemented, the proposal is envisaged to attract Rs.17.42 crore as FDI.

Major approvals

Among other major approvals, Gujarat-based Checkmate Services had sought permission to induct foreign equity entailing FDI worth Rs.66 crore in its private security services business. Also cleared were the proposals of PTC India Financial Services for transfer of shares to carry out the business of power generation and that of Honda Siel Cars India for FDI in a vocational training institute on automobiles and related fields.

Source : thehindu.com