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FIPB nod to six FDI proposals

Tuesday, 26 Mar 2013

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The Foreign Investment Promotion Board (FIPB) on 6 March 2013 given nod to six FDI proposal totaling Rs 732 crore.

FIPB has given clearance to the following companies:

	SIDBI Social Venture Trust has received nod for allotment of class A units of the Fund to bring foreign investment worth Rs 285 crore.
	M/s AirAsia Investment, Malaysia gets clearance to set up JV company to undertake the operations of scheduled passenger airlines
	Hyderabad -based Navayuga Road Projects receives FIPB clearance for making downstream investments in its Special Purpose Companies worth of Rs 357.60 crore.
	Hyderabad-based AET Laboratories’ proposal has also been cleared for induction of additional foreign equity in a pharmaceutical company worth Rs 5.34 crore.
	Bharat Electronics, Bangalore gets approval form FIPB to set up JV company JV worth Rs 2.5 crore to carry out the business of design, development, marketing, supply and support of civilian and select defence Radars for Indian and global markets.
	ICICI Venture Funds Management Company has get approval to get fund from a foreign limited liability company FVCI for making investment in the units of a Trust for making investments in portfolio companies in India.

While, proposal of Andhra Pradesh-based Prithvi Information Solutions to issue warrants carrying out the business of end-to-end solutions in information technology, RF engineering and knowledge service apart from providing consulting and staff augmentation has been rejected by FIPB.