Union Government approved 12 foreign direct investment (FDI) Proposals worth Rs 242.88 crore

The Union government on 19 September 2011 announced its approval to 12 foreign direct investment (FDI) proposals worth Rs.242.88 crore in foreign exchange. The Foreign Investment Promotion Board (FIPB) headed by Economic Affairs Secretary R Gopalan in the meeting held on 2 September 2011 cleared cleared proposals including one by Allcargo Global Logistics entailing FDI worth Rs.141.36 crore and another by Indian Rotorcraft to carry out assembly of military and civil helicopters.

Mumbai-based Allcargo Global Logistics was been given ex-post facto clearance for issuance and allotment of optionally convertible warrants to raise funds for setting up multi-modal transport operations and inland container depot/container freight stations as part of its logistics business.

Gujarat-based Checkmate Services’  proposal to induct foreign equity entailing FDI worth Rs.66 crore in its private security services business was cleared. Also cleared were the proposals of PTC India Financial Services for transfer of shares to carry out the business of power generation and that of Honda Siel Cars India for FDI in a vocational training institute on automobiles and related fields.

The Foreign Investment Promotion Board (FIPB), however, deferred decisions on 15 FDI proposals, including those of Vodafone Essar and Bangladesh-based Rahimafrooz Batteries, and rejected seven applications.

The board deferred a decision on Bangladesh-based Rahimafrooz Batteries' proposal to set up a wholly owned subsidiary to undertake the import and wholesale distribution of batteries and provide services in India. Among the other proposals on which decisions were not taken include those of Walt Disney Company (Southeast) Asia Pte, InterCall Asia Pacific Holdings, Singapore, 9X Media and Cordia International Corp, USA.