Govt nod for 14 FDI plans worth 1,290 crore

Govt nod for 14 FDI plans worth 1,290 crore

Decision deferred on 27 other proposals

The Foreign Investment Promotion Board (FIPB), however, deferred decisions on 27 proposals.

The FIPB gave its nod to Kolkata-based Dhunseri Investments FDI proposals worth Rs 715 crore for issue and allotment of equity shares to non-resident shareholders consequent upon demerger.

Ghir Investments got the approval for induction of foreign equity in an investing company.
The Mauritius based company proposes to bring in FDI worth Rs 530 crore. Other proposals cleared include Pipavav Shipyard, Gujarat, to undertake additional activity relating to defence sector.

Kyuden International Corporation, Japan for setting up a joint venture investment company to undertake downstream investments for developing and establishing
renewable power projects.

The Government deferred decision on Verizon Communications India plans to transfer equity shares to a non-resident group in telecom sector.

Decision on request of Forbo Holding AG, Lindenstrasse, Switzerland, to set up new wholly owned subsidary to undertake business of manufacturing, sale, distribution, lease, import and export of power transmission belts, sophisticated conveyor and processing belts was also deferred.

Similarly, the Board put off decision on Essar Capital Holdings (India), Mumbai, plans for acquiring equity shares by way of subscription to new equity shares and/or purchase of existing equity shares in an investing company engaged in the telecom sector.

The FIPB also rejected five proposals including those of Henry Lamotte India and Mecords India Limited, Mumbai. During April-January 2010-11, India received FDI worth Rs 77,902 crore (US$17.08 billion), down 29 per cent from Rs 1,09,668 in the same period last year.