Govt clears eight FDI proposals

The largest FDI of Rs 1.28 crore will be brought in by US-based information technology firm Tecnotree Convergence. The company plans to transfer shares by way of a share swap, an official release said.

Powermax Communications will  bring in Rs 3 lakh for increasing foreign equity participation from the existing 49 per cent to 74 per cent in the enhanced paid up capital. Besides these, it has also approved proposals of Japan-based Takata Corp, Clivet TF Air Systems of Bangalore, NR Hytech Engineers of Thane, Exensys Software and Brig Drum India of Hyderabad.

However, the government, on the basis of recommendation by the Foreign Investment Promotion Board (FIPB) has deferred seven proposals, including that of ByCell Telecommunication, Rish Pte, Sahajanand Medical Technologies, among others.