Government approved 14 Foreign Direct Investment (FDI) Proposals worth Rs 1584.11 crore

The finance ministry declared on 24 July 2012 that the government based on the recommendation of the Foreign Investment Promotion Board approved 14 foreign direct investment (FDI) proposals worth Rs 1584.11 crore. The FDI proposal which received government approval included 225-crore investment in the Indian operations of Asian equity research firm CLSA.

Maharashtrabased Abhijeet Power’s proposal to invest Rs 674 crore for induction of foreign equity in an investing company to make downstream investment also received approval. The government also cleared the proposal of Pune-based Bajaj Finserv, which sought a nod for issue of equity shares to carry out NBFC activities directly and through subsidiaries. It proposed to bring in FDI worth Rs 100 crore.

The government rejected seven proposals. the decision on 15 proposals including those of Tara Aerospace Systems, Ordain Health Care Global, Sterlite Networks and Mauritius-based Cloverdell Investments were been deferred.