Govt clears 13 FDI plans worth over Rs 300 cr

“Based on the recommendations of the Foreign Investment Promotion Board (FIPB)... the government has approved 13 proposals of FDI amounting to Rs 393.62 crore,” an official statement said on Tuesday.

Besides other projects, the government cleared the proposal of Essel Group-promoted Dish TV India aimed at bringing in foreign inflows of Rs 243.40 crore.
Sterlite Technologies’ Rs 103.95 crore proposal to issue and allot warrants on preferential basis has also been granted.

TM International Logistics of Kolkata is likely to bring in foreign funds of Rs 40 crore to issue shares against consideration other than cash.
The government has rejected two proposals including that of ICICI Investment Management Company, which plans to make investment by a foreign fund company into an Indian fund company.

It also rejected proposal of LGT Venture Philanthropy Foundation of Zurich, which sought approval for relaxation in fulfillment of the condition of minimum capitalization norm.