Govt clears 8 FDI proposals worth Rs 696 cr

The government today said it has approved eight FDI proposals worth Rs 696 crore, including those of ACME Solar Energy, GETIT Infoservices and McKinsey & Company.

The Foreign Investment Promotion Board (FIPB) cleared the proposal of ACME Solar Energy to bring in foreign investment worth Rs 275 crore, the Finance Ministry said in a statement.

Besides, FIPB cleared GETIT Infoservices' proposal to receive foreign investment worth Rs 216 crore for carrying out the publishing business.

It also approved France's GeoPost S.A.'s proposal to acquire shares of an Indian company engaged in commercial express and parcel delivery business worth Rs 179 crore.

The meeting of the FIPB, headed by Economic Affairs Secretary Arvind Mayaram, was held on April 12. It deferred eight proposals and rejected three.

The proposal of McKinsey & Company Inc to set up an LLP for providing management consultancy services, entailing foreign investment of Rs 99 lakh, was also approved.

The other proposals cleared by the board include those of courier company DPD Continental Ltd, Pilot Ventures Media and US-based AWS Truepower.

However, the proposal of Bangalore-based Tata Advanced Materials Ltd, engaged in the manufacturing of defence related products, was not found to be within the purview of FIPB.

The company had sought post-facto approval for shares already held by NRI on the company on portfolio basis.

The eight proposals which were deferred by the FIPB include that of Norway-based Telenor Mobile Communication to increase foreign equity from 49% to 74%.

The proposals rejected were those of Sunil Hitch, Triton Hotel and Karuturi Global.

For two other proposals -- Mauritius-based Bay Capital Investment and Hubert Burda Media Pvt Ltd -- the FIPB has reserved the decision and it would be communicated separately.