FIPB Clears FDI Proposals Worth INR 1027 Crore.

PM News Bureau reported that the Indian government has cleared 21 foreign direct investment proposals totaling INR 1,027 crore.

A total of 47 FDI proposals were taken up by the Foreign Investment Promotion Board, but the board deferred 17 proposals and rejected nine.

The major proposals approved were those of Oriental Tollways Pvt Ltd (Delhi & Haryana) for induction of foreign equity in an investing company. The proposal is likely to bring in FDI worth Rs 475 crore. Darjeeling Organic Tea Estates' application for induction of foreign equity & a collaborator to carry out the business of production, distribution and export of tea was also approved. The firm aims at FDI worth INR 93.37 crore. ACB (India) Ltd, which is engaged in the business of coal washing and electricity generation, was given ex-post-facto approval for issue of warrants. The proposal is worth Rs 97.51 crore. Besides, the FIPB also cleared proposals of Netmagic Solutions, Jay Shree Tea and Industries and Augere Wireless Broadband India.

The decision on applications by G4S Security Services (India), Delhi & Haryana, for ex post facto approval for induction of foreign equity to carry out the business of providing security services was deferred. Decisions on the proposals of NCBG Holdings Inc (Cayman Islands), Southern CNG Automobiles India, Mango Holding Ltd (Bangladesh) and UT Starcom India Telecom were also deferred.

The proposals of Telelogic ICT Services, Arshiya International and ADM Investor Services International (UK) were rejected.

Source : steelguru.com