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FIPB approves FDI proposals

Tuesday, 18 Jun 2013
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On 18 June 2013, the Central Government approved FDI proposals worth Rs 1,647 crore.

Based on the recommendations of the Foreign Investment Promotion Board (FIPB), the government has given its approval to FDI proposals.

The Board also gave its nod to a proposal worth Rs 962 crore of Vijay Television for acquisition by foreign promoters.

It also approved Korea Western Power Co's proposal to invest in an Indian company to the tune of Rs 270 crore.

Meanwhile, it has also given it nod to the proposals of Darjeeling Organic Tea Estates to increase foreign equity participation worth Rs 105 crore and Bangalore-based BTI Payments to set up White Label ATM with FDI worth Rs 108.50 crore.

The other proposals which were cleared by the board include that of ABG Container handling, Belgium-based Celio International, and pharma firms Mylan Laboratories and Terumo Mauritius Holding.

Besides, the FIPB has deferred the proposal of Punj Lloyd on the grounds of security clearance. It has also deferred eight proposals, while not taking a view on two proposals - US-based Jawahar Palaniappan, and Kolkata-based Akzo Nobel - citing that they were not within the purview of FIPB.

The proposals which were deferred include those of Sterlite Networks to reduce quantum of FDI, IL&FS Securities Services for merger of an Indian company with another company.


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