Union Government announced Clearing of 31 FDI proposals worth Rs 3844.7 crore

The Union government on 19 July 2011 announced clearing of 31 FDI proposals worth Rs 3844.7 crore, including that of Multiples Private Equity Fund and global tour operator Cox & Kings. The Government's nod to Multiples Pvt Equity Fund -Scheme-1, Mumbai to bring in foreign funds worth Rs 1000 crore was the largest FDI application to be cleared.

The foreign direct investment (FDI) proposals were cleared by the Foreign Investment Promotion Board (FIPB) in its meeting in June 2011. The FIPB in its meeting deferred decision on 18 proposals to bring in FDI.

Cox & King got permission to carry out the business of leisure travel services, corporate travel services, visa processing services and foreign exchange services. The company proposed to bring in FDI worth Rs 450 crore. Mumbai-based Ashwell Holding Company's proposal to get FDI worth Rs 852.6 crore, by selling equity to foreign entity was also cleared. Hinduja Energy (India)’s proposal also went through. The government approved proposal of Cayman Islands-based NCBG Holdings to invest Rs 4.45 crore in the defence sector.

Other major proposals which were cleared include that of France-based Natixis Global Asset Management to invest by way of indirect foreign investment in Pension Fund Subsidiary and French major bank BNP Paribas S.A to set up a wholly owned subsidiary to act as an investing company.

FDI proposals on which decisions were deferred include Vodafone Essar for transfer of share and Walt Disney Company India to undertake the additional activity of broadcasting and downlinking. Decision on Dish TV India's request on transfer of shares to carry out the business of telecommunication equipment and provide management and marketing of agrani, in the area of mobile satellite communications was also deferred.