Government okays FDI proposals worth Rs.1,647 crore

The government Tuesday said it has cleared 16 foreign direct investment proposals worth Rs.1,646.87 crore.

The largest money flow of Rs.961.74 crore is related to acquisition of stakes by foreign promoters in Chennai-based Vijay Television.

"Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on May 10, 2013, the central government has approved 16 proposals of Foreign Direct Investment (FDI) amounting to Rs.1646.87 crore," the finance ministry said in a statement.

The Foreign Investment Promotion Board (FIPB), headed by Economic Affairs Secretary Arvind Mayaram, had cleared the proposals at a meeting held May 10, 2013.

Korea Western Power Company has got approval to invest Rs.270 crore in an Indian investment company. Name of the Indian firm was not disclosed.

Darjeeling Organic Tea Estates has got approval to raise foreign equity participation from 49 percent to 60.50 percent. It involves FDI inflows of Rs.105 crore.

Decision on eight proposals have been deferred, while one proposal related to Punj Lloyd has been kept in abeyance due to security clearance.