Indian Government cleared 14 Foreign Direct Investment Proposals

Based on the recommendations of Foreign Investment Promotion Board (FIPB), the Indian government on 23 March 2011 cleared 14 foreign direct investment (FDI) proposals worth Rs.1,289 crore. The government deferred 27 foreign direct investment (FDI) proposals.

A proposal of Mauritius-based Ghir Investments worth Rs.530 was cleared. The 14 proposals cleared by the FIPB also include that of Kolkata-based Dhunseri Investments project worth Rs.715 crore where the company will issue and allot equity shares to the non-resident shareholders consequent upon demerger.

The other proposals which were cleared include that of Pipavav Shipyard to undertake additional activity relating to defence sector. Kyuden International Corporation, Japan got the clearance to set up a joint venture investment company.

The proposals deferred include that of Essar Capital Holdings and Forbo Holding AG, Lindenstrasse (Switzerland).

The Government also deferred decision on the proposal of Verizon Communications India to transfer equity shares to a non-resident group in telecom sector. Five other proposals including those of Henry Lamotte India and Mecords India Limited were rejected.

During April-January 2010-11, India received FDI worth Rs 77902 crore (USD 17.08 billion), down 29 per cent from Rs 109668 in the same period in 2009-2010.