Centre clears FDI proposals worth Rs 3,250cr

The government on Friday disposed off Foreign Direct Investment (FDI) proposals worth Rs. 3,250 crores in the month of April.

In an official note, the Department of Economic Affairs stated that a total of five proposals were disposed of, out of which three were approved, one rejected and one returned to the applicant on grounds of being premature.

A proposal was submitted seeking approval for foreign investment in M/s Hindustan Infralog Pvt Ltd, a proposed investing company, from M/s DP World Global Investment BV, Netherlands amounting to 65 percent of paid-up share capital of M/s Hindustan Infralog Pvt Ltd, which was accepted by the DEA.

Additionally, M/s Alcon Laboratories (India) Pvt Ltd submitted a proposal to undertake financial lease of ophthalmic surgical equipment in India in addition to the existing business of wholesale trading in India, which was also approved.

The Ministry of Finance also approved M/s CVC Asia Pacific (Singapore) Pte. Limited's amendment application relating to imposition of minimum capital norms.

However, it rejected the proposal submitted by M/s Kora Research Advisors India LLP seeking post facto approval for the cumulative investments made by M/s Kora Management LP, USA and M/s Kora LLC, USA in M/s Kora Research Advisors India LLP.