FIPB clears 8 proposals worth Rs 5,200 cr

The foreign investment promotion board (FIPB), on Monday, cleared eight foreign direct investment (FDI) proposals worth Rs 5,200 crore, senior government sources said.

The FIPB, led by economic affairs secretary Shaktikanta Das, took up 17 proposals in total. It deferred four and rejected five proposals.

Among the proposals approved were of four alternative investment funds (AIFs), including India Advantage Fund's proposal worth Rs 2,950 crore, L&T Finance (Rs 700 crore) and Paragon Partners (Rs 1,000 crore).

"We expect a lot more AIF proposals to come in now that the rules for such funds are in place," the official said.

Proposals of Eucare Pharmaceuticals and Hanon Systems were cleared at the meeting.

One of the proposals rejected on Monday was that of ShareKhan, for want of more information from the company, the person said. The FIPB also deferred five FDI proposals, including those of telecom sector firm FireFly Networks Ltd, apart from proposals relating to defence sector - Quantum Simulators Pvt Ltd, RoltaMeprolightPvt Ltd and Singapore-based LLP Diarough Far East Holdings Pte Ltd.

It also rejected four proposals, including those of Reliance Globalcom Ltd, Barefoot Resorts and Leisure lndia and Franklin Templeton Asset Management.