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Govt approves eight FDI proposals

Saturday, 01 Jun 2013
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The Central Government has approved eight FDI proposals worth Rs 696 crore.

Foreign Investment Promotion Board (FIPB) cleared the proposal of ACME Solar Energy to bring in foreign investment worth Rs 275 crore

GETIT Infoservices' proposal was cleared by FIPB to receive foreign investment worth Rs 216 crore for carrying out the publishing business.

The Promotion Board approved France's GeoPost S. A.'s proposal to acquire shares of an Indian company engaged in commercial express and parcel delivery business worth Rs 179 crore.

The proposal of McKinsey & Company Inc to set up an LLP for providing management consultancy services, entailing foreign investment of Rs 99 lakh, was also approved.

The other proposals cleared by the board include those of courier company DPD Continental, Pilot Ventures Media, and US-based AWS Truepower.

Meanwhile, the Board deferred eight proposals and rejected three. The eight proposals deferred include that of Norway-based Telenor Mobile Communication to increase foreign equity from 49 per cent to 74 per cent.

The proposals rejected were those of Sunil Hitch, Triton Hotel, and Karuturi Global.

For two other proposals - Mauritius-based Bay Capital Investment, and Hubert Burda Media - the FIPB has reserved the decision and it would be communicated separately.

However, the proposal of Bangalore-based Tata Advanced Materials was not found to be within the purview of FIPB. The company had sought post-facto approval for shares already held by NRI on the company on portfolio basis.



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