Govt approves 31 FDI proposals worth Rs 3,845 cr

The Government today announced clearing of 31 foreign direct investment (FDI )proposals worth Rs 3,844.7 crore, including that of Multiples Pvt Equity Fund and global tour operator Cox & Kings.

The Government's nod to Multiples Pvt Equity Fund -Scheme-1, Mumbai to bring in foreign funds worth Rs 1,000 crore is the largest FDI application that has been cleared.

The company can now make investments in securities of the Indian companies and distribute income realised on its investment, the Finance Ministry said.

FDI proposals were cleared by the Foreign Investment Promotion Board (FIPB) in its last meeting, the Finance Ministry said.

Besides, the FIPB in its meeting held last month had deferred decision on 18 proposals to bring in FDI.

Cox & King got permission to carry out the business of leisure travel services, corporate travel services, visa processing services and foreign exchange services. The company proposes to bring in FDI worth Rs 450 crore.

Mumbai-based Ashwell Holding Company's proposal to get FDI worth Rs 852.6 crore, by selling equity to foreign entity, was also cleared.

Hinduja Energy (India) too got nod for induction of foreign equity into an Indian company, which does not have any operations and also does not have any downstream investments. The proposal is worth Rs 400 crore.

The government also approved proposal of Cayman Islands, based NCBG Holdings to invest Rs 4.45 crore in the defence sector.

The company got permission for induction of foreign equity in an Indian company to undertake the manufacturing of wiring sets, including wiring sets of a kind used in vehicles, aircraft, ships or other machinery used in defence industry.

Other major proposals which have been cleared include that of France-based Natixis Global Asset Management to invest by way of indirect foreign investment in Pension Fund Subsidiary and French major bank BNP Paribas S.A to set up a wholly owned subsidiary to act as an investing company.

FDI proposals on which decisions were deferred include Vodafone Essar for transfer of share and Walt Disney Company India to undertake the additional activity of broadcasting and downlinking.

Decision on Dish TV India's request on transfer of shares to carry out the business of telecommunication equipment and provide management and marketing of 'agrani', in the area of mobile satellite communications too has been deferred.

The next meeting of the FIPB is scheduled to be held in the first week of August.