The Union government on 17 August 2011 declared that it approved 18 FDI proposals worth Rs 122.79 crore, including those of Pipavav Defence and Offshore Engineering Company. It however deferred a decision on the proposed sale of stake by Essar to Vodafone.
A total of 39 FDI proposals were taken up by the Foreign Investment Promotion Board (FIPB), but it put off a decision on 16, rejected four and directed one applicant to approach the Reserve Bank.
FIPB headed by Economic Affairs Secretary R Gopalan had in a meeting held on 5 August 2011 cleared 31 FDI proposals worth Rs 3844.7 crore. The FIPB approved Air Works India (Engineering) Pvt Ltd's proposal to make downstream investments in aviation companies in India. This FDI proposal was worth Rs 17.77 crore.
Furthermore, the board allowed Dish TV India Ltd to induct foreign equity through a transfer of shares to carry out the business of telecommunication equipment manufacturing. It also approved Rs 5.85 crore investments in Gujarat-based Om Pile Pvt Ltd.
The board however deferred a decision on the proposed acquisition of a 5.48% stake in telecom company Vodafone-Essar by two Mauritius-based companies for about Rs 2700 crore. The board deferred the decision to transfer shares from Resident to NR to carry out the activities relating to telecommunication.
The FIPB offers single window clearance for proposals on FDI that are not allowed through the automatic route.
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