Union Government approved 14 FDI proposals worth over 1300 cr Rupees

Jan 11, 2013 19:08 IST

The Government of India on 11 January 2013 approved 14 FDI proposals which is said to be about 1311 crore rupees including that of Hindustan Port Ltd.

The approval of proposals was based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on 21 December 2012.

The proposal of Mumbai-based Hindustan Port Ltd to induct foreign funds worth 440 crore rupees for investment in downstream companies was also included among those cleared by FIPB.

The Foreign Investment Promotion Board, headed by Economic Affairs Secretary Arvind Mayaram, had  allowed pharma firm Aanhaneya Lifecare to raise funds worth 405 crore through issue of foreign currency convertible bonds.
Other major proposals which were approved by the FIPB include Excedo Reality Fund-I to accept NRI investment worth 210 crore rupees and that of Punjab-based pharma company Saurav Chemicals Ltd to issue fresh equity shares valued 14.85 crore rupees  to foreign company.

FIPB has deferred six and rejected three proposals. The proposals which were deferred include that of Mahindra & Mahindra Ltd to provide service support for radar systems and defence electronic systems.

Those rejected include proposal of Mumbai-based Fullife Healthcare for induction of foreign equity.

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