In a major step to further bolster flow of foreign investment the government on Wednesday approved as many as 25 proposals including one from a Bangalore-based firm in the aviation sector, envisaging Foreign Direct Investment (FDI) worth nearly Rs 5585 crore.   

All these proposals were cleared by the Finance Minister P Chidambaram on the basis of recommendations made by the Foreign Investment Promotion Board (FIPB). After scrutiny by the FIPB, the finance minister cleared the proposal of the Bangalore-based Indian Aero-ventures Private Ltd to bring in FDI worth Rs 131.2 crore to make downstream investments in maintenance, repair and overhaul of engines and training in the activities relating to aviation sector.

The mega FDI project cleared by the government relates to that of Bycell Telecommunications to bring in FDI worth Rs 1950 crore to undertake activities of offering GSM based cellular telephone services under UAS License agreement all over the country. The company plans to bring in $500 million in the next 3 to 5 years.

The other mega FDI project cleared by Chidambaram relates to that of J M Financial Trustee Co Ltd to bring in FDI worth Rs 1460 crore to induct foreign equity by way of subscribing to private placement of units. The Indian company is engaged in FDI compliant construction development projects.

Mega projects

The government cleared the proposal of Singapore-based AAPC Hotels Management Pvt Ltd for FDI of Rs 526 crore through induction of foreign equity by way of  investing directly or through its Indian JV companies engaged in construction, developing, owning  and managing  hotels. The flow of fund would be over a period of five years.

The proposal of Dumeric Holdings Pvt LTd was approved to bring in FDI of Rs 400 crore to make downstream investments.

The government cleared three proposals of Universal Success Enterprises Ltd to set up three wholly owned subsidiaries (WOSs) with a FDI component of Rs 78 crore each to make downstream investments in various Indian companies engaged in development of infrastructure development projects, tourism, convention centre, Industrial Parks and  development of SEZs.

The government cleared the proposal of Kid Media India Pvt Ltd to bring in FDI of Rs 78 crore to undertake additional activity of launching a cartoon channel to be linked from Dubai Media City and down linked in India.
The proposal of Singapore-based Parkway Group Health Care Pte Ltd was cleared to bring in FDI of Rs 155 crore to induct foreign equity up to 50 per cent in a company engaged in setting up a green-field multi-speciality hospital. 

Another proposal approved was of US-based Turner Asia Pacific Ventures Inc to bring in FDI worth Rs 85 crore to induct foreign equity in a company engaged in up-linking of non news and current affairs TV channel.