Government clears 7 FDI proposals worth Rs.981 crore

The government on Wednesday cleared seven foreign direct investment (FDI) proposals worth RS.981 crore.

According to the Finance Ministry, the approvals were given on the recommendations of the Foreign Investment Promotion Board (FIPB) in its 220th meeting held on July 3.

Interestingly, out of the total proposals cleared, Rs.963 crore were related to the telecom and broadcasting sector.

While Hathway Cable and Data Com has got approval for increasing foreign investment limit for FIIs (Foreign Institutional Investors) and FPIs (Foreign Portfolio Investors), Hyderabad-based Celon Laboratories too has got permission for downstream investment in a brown field pharma company.

Cyprus-based Lalea Trading, related to real estate, has been granted permission for repatriation of investment. The clearance will lead to FDI outflow of about Rs.23.27 crore.

Kotak Mahindra Bank's application was also cleared by the FIPB.

The private sector bank had sought approval for increasing the aggregate foreign investment to 55 percent following a merger between ING Vyasa Bank and Kotak Bank.

However, a decision on six FDI proposals which includes that of Den Networks, Reliance Globalcom (Bermuda), Sistema Shyam Teleservices and Indian Rotocraft was deferred in the meeting.