India approves FDI proposals for Rs.2,973.40 Cr.
2012-05-30 12:41:01
The Indian government on Tuesday cleared 25 foreign direct investment or FDI proposals, including that of AIF III of Mauritius and Mumbai based Microqual Techno, worth Rs.2,973.40 crore.
The applications were cleared after recommendations of the Foreign Investment Promotion Board (FIPB) headed by Economic Affairs Secretary R. Gopalan, the Finance Ministry said.
The FIPB, during its meeting held earlier this month, had also rejected eight proposals and deferred decision on 13 applications.
As per the ministry, the proposal of Mauritius-based AIF III Sub Pvt. Ltd. to bring in FDI worth Rs.1,000 crore to induct foreign investment in the units of a Fund constituted as a Trust was approved.
Microqual Techno's application is to increase foreign equity to carry out business of wireless telecommunications. The proposal was worth Rs.522.90 crore.
The proposal of Mauritius-based Mozart to infuse Rs.300 crore foreign investment in an existing company in the pharmaceuticals sector (brownfield investments) has also been approved.
Sun Pharma Research Company's proposal for infusion of foreign equity by way of issue of partly paid up shares to carry out the development of new proprietary drugs has been cleared.
Other proposals that have been approved include Genworth Financial Mortgage Guaranty India (Rs.124 crore, Plethico Pharmaceuticals, Mumbai (Rs.500 crore) and Kintetsu World Express (India), Karnataka (Rs.267.69 crore).
Among proposals which were rejected include, Budenheim India, New Delhi; Hey House Publishers (I) and Growing Opportunity Finance (India), Chennai.
The proposals on which decisions were deferred include that of Fabindia Overseas, Paragon Asset Reconstruction, Tara Aerospace Systems and Netmagic Solutions.