Foreign Investment Promotion Board Approved Eight FDI Proposals

The FIPB on 31 May 2013 approved eight FDI proposals, which include those of McKinsey & Company, ACME Solar Energy and GETIT Infoservices.

Created On: Jun 1, 2013 15:53 ISTModified On: Jun 1, 2013 15:54 IST

The Foreign Investment Promotion Board (FIPB) on 31 May 2013 approved eight FDI proposals, which include those of McKinsey & Company, ACME Solar Energy and GETIT Infoservices. These eight proposals are worth 696 crore Rupees.

FIPB cleared ACME Solar Energy’s proposal to get 275 crore Rupees foreign investment. The foreign investment worth 216 crore Rupees was roped in by clearance to GETIT Infoservices. Apart from this, the FIPB approved France's GeoPost S.A.'s proposal for acquiring the shares of Indian company that is working on commercial express as well as parcel delivery business. This is worth 179 crore Rupees. McKinsey & Company Inc’s proposal for setting up LLP was also approved.

At the meeting conducted on 12 April 2013, the FIPB, headed by Economic Affairs Secretary Arvind Mayaram delayed eight FDI proposals and rejected three of them.

Other proposals approved by FIPB included US-based AWS Truepower’s proposal and DPD Continental Ltd, Pilot Ventures Media.

The eight proposals that FIPB delayed included Norway-based Telenor Mobile Communication’s. The three FDI proposals rejected by FIPB were Triton Hotel, Karuturi Global and Sunil Hitch.

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