Govt okays 19 FDI proposals worth $959 million (Lead)
January 13th, 2011 - 7:19 pm ICT by IANSNew Delhi, Jan 13 (IANS) The government has approved 19 foreign direct investment (FDI) proposals worth Rs.4,340.77 crore ($959.44 million), mostly in steel, heavy industries and postal services. The Foreign Investment Promotion Board (FIPB) at its meeting held Dec 31, 2010 approved 19 proposals of the FDI but rejected 16, according to a finance ministry statement released Thursday.
The FIPB has cleared Tata Steels’ proposal worth Rs.1,100 crore ($243.12 million) for issue of warrants as part of its fund mobilisation plan.
The US-based Federal Express has got the green signal for its Rs.607 crore ($134.15 million) investment in the business of courier, express transportation, logistics and warehousing services.
Japan’s Yorozu Corporation has got the green signal to set up Rs.140 crore ($30.94 million) joint venture company to undertake the business of manufacturing of chassis, suspension parts and other automotive parts.
Future Ventures India Limited has got the go ahead for a Rs.300 crore ($66.30 million) foreign fund. The proposal is for induction of foreign equity in investing company by way of issue and allotment of equity shares in the initial public offering (IPO) of the company to foreign institutional investors and NRIs under the portfolio investment scheme, the statement said.
Hindalco Industries’ ex-post-facto approval for issuance of partly paid up shares as part of rights issue has also been approved. The proposal is worth Rs.508.63 crore ($112.41 million) and already been brought.
The FIPB headed by Finance Secretary Ashok Chawla has rejected two FDI proposals, including that of B4U Television Network for induction of foreign equity to carry out business of up-linking a non-news and current affairs television channel.
- Government okays FDI proposals worth Rs.4,341 crore - Jan 13, 2011
- 16 FDI proposals worth over $20 million accepted - Jun 07, 2011
- India clears 20 FDI proposals worth $373 million - Jan 10, 2012
- Eight FDI proposals approved - Dec 15, 2010
- Govt okays FDI proposals worth Rs.2,727 crore - Sep 23, 2010
- India clears 22 FDI proposals worth $112.5 million - Apr 20, 2012
- 24 foreign investment proposals worth Rs.1,412 crore approved - May 19, 2010
- Finance minister can approve bigger foreign direct investments now - Feb 11, 2010
- 14 FDI proposals worth Rs.733 crore approved - Jan 28, 2010
- FDI inflow in mining increases - Aug 05, 2011
- India approves 26 foreign equity proposals worth $200 mn - Mar 26, 2009
- CCEA reviews list of cases requiring prior approval for FDI - Feb 11, 2010
- Government to pay Rs.150 crore dues to help Air India - Jan 17, 2012
- Foreign investment proposals worth Rs.524 cr approved - Dec 30, 2009
- Cabinet clears FDI route for development fund - Mar 05, 2010
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