22 FDI proposals worth over Rs.3,951 crore cleared

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The Indian government Friday said it has cleared the foreign direct investment (FDI) proposals of KSK Energy Ventures, Telenor Mobile, InterGlobe Aviation and of 19 others worth Rs.3,951.61 crore.

The FDI proposals have been cleared following recommendation of the Foreign Investment Promotion Board (FIPB), the finance ministry said in a statement here.

KSK Energy Ventures Ltd, with 74.94 percent foreign equity, engaged in the business of investing, has been given permission to issue and allot warrants to foreign promoters. The proposal entails an investment of Rs.1,050 crore, the ministry said.

Norway-based Telenor, through Telenor South Asia Investment, Singapore, has got government permission to increase its shareholding in Telewings Communication (Uninor) to 100 percent from the current 74 percent. The proposal is worth Rs.78 crore.

The FIPB has also cleared the proposal of InterGlobe Aviation, the holding company of air carrier IndiGo. This would clear the way for fresh FDI in IndiGo.

In a cashless transaction, InterGlobe Aviation will issue 147,000 equity shares of Rs.1,000 each to NRI owners of Caelum in proportion to the voting units held by them.

The government has also cleared proposal of Religare Credit Investments Trust. It has sought approval for foreign investment up to Rs.500 crore by Religare India Credit Assets Fund, Netherlands in the Class A units of Religare Credit Opportunities Fund Scheme I.

Other proposals which have been cleared include those of Gurgaon-based Baxter (India) (pharma firm), ARKRAY Healthcare (pharma), Verdant Telemetry & Antenna Systems (defence), Genpact India (IT) and Innisfree Cosmetics India (trading).

The finance ministry also said decision on nine FDI proposals, which were taken up by the FIPB on Aug 1, have been deferred. These companies include HBM Private Equity India, Intas Pharmaceuticals and Verizon Communications India Pvt Ltd.

Four proposals have been rejected.