19 FDI proposals worth Rs 1,180 cr cleared

The government today said it has approved 19 foreign direct investment (FDI) plans worth Rs 1,358 crore, including Shriram Capital's Rs 1,180 crore proposal.

The government deferred a decision on 21 proposals, including that of Essar Capital Holdings (India), and rejected nine others.

"Based on the recommendations of Foreign Investment Promotion Board (FIPB). The government has approved 19 proposals of FDI amounting to Rs 1,358.0726 crore," an official statement said today.

Besides, the government has recommended 3 proposals -- Hero Investments, Reckitt Benckiser Plc and GMR Airports Holding -- for consideration of the Cabinet Committee on Economic Affairs as the investment involved in each of the three proposals was over Rs 1,200 crore.

Shriram Capital wants to induct foreign equity in an investing company through its Rs 1,180 crore proposal.

The government also approved Rs 45.47 crore proposal of Reliance Broadcast Network, which seeks to induct foreign investment by FIIs, NRIs, among others, up to the limit of 20% of the capital of the company. The company is engaged in FM Radio Broadcasting.

Besides, a proposal of INX Media of Rs 55 crore was also given nod by the government.