Govt approves 16 FDI proposals worth Rs 4,722 crore

The government has cleared 16 foreign direct investment (FDI) proposals, including those of HDFC Capital and Ageon Religare Life Insurance Company, amounting to Rs 4,722 crore.

The investment proposals were approved following recommendations to do so by the foreign investment promotion board (FIPB), headed by economic affairs secretary Shaktikanta Das.

However, eight proposals were rejected, the finance ministry statement said. These included those of Cipla Health and Apollo Hospitals Enterprise.

FIPB cleared the proposal of HDFC Capital Advisors, which alone entails investment of Rs 2,400 crore.

"HDFC Fund proposes to make investments in equity, equity-linked instruments, redeemable preference shares, non-convertible debentures and other debt securities of listed or unlisted investee companies engaged in real estate construction development projects which are permitted under the SEBI AIF Regulations as a Cateqory II AIF," it said.

FIPB also cleared Ageon Religare Life Insurance's proposal worth Rs 560 crore.

The approval was sought for the transfer of shares to Aegon India Holding, thereby raising the foreign shareholding from 26 per cent to 49 per cent.

Among others, Sun Pharma Research Advanced Company's proposal worth Rs 250 crore, Synergia Life Sciences (Rs 40 crore) and the post-facto approval for Aditya Birla Nuvo's Rs 377-crore plan were cleared during a meeting held on September 29.