Govt okays 17 FDI proposals worth Rs 4,551 cr

The government has cleared 17 foreign direct investment (FDI) proposals that would help bring in Rs 4,551 crore, the largest chunk of which is likely to be invested by a Russian government agency in telecom company Sistema Shyam.

A proposal by the Federal Agency for State Property Management of the Russian Federation to pick up 20 per cent stake in telecom service provider Sistema-Shyam for Rs 3,051 crore was cleared by the government.

The agency is an investment vehicle owned by the Russian government.

A proposal by beverages and food major Pepsico for further equity infusion into its Indian subsidiary has been referred to the Cabinet Committee on Economic Affairs since it would bring in Rs 928 crore.

Proposals of more than Rs 600 crore of FDI are referred to the CCEA.

Other proposals cleared include Delhi-based Scorpios Beverages' case that would contribute FDI of Rs 533.33 crore.

Another approved case relates to AG Mercantile that would bring in Rs 329.53 crore.

The other large FDI proposal that has been approved is from Telecom Investments India for Rs 380 crore.

The government deferred three proposals and rejected four.