Six FDI proposals worth Rs.732.77 crore approved

Six FDI proposals worth Rs.732.77 crore approved

The government Tuesday said it has approved six proposals of foreign direct investment (FDI) amounting to Rs.732.77 crore.

The Foreign Investment Promotion Board (FIPB) headed by Economic Affairs Secretary Arvind Mayaram had cleared the FDI proposals at a meeting held March 6.

"Based on the recommendations of FIPB in its meeting held on March 6, 2013, the government has approved six proposals of FDI amounting toRs.732.77 crore," the finance ministry said in a statement.

The highest amount of overseas fund inflow is related to an Hyderabad-based infrastructure firm Navayuga Road Projects. The company is investing Rs.357.60 crore to make downstream investments in its special purpose companies.

This is followed by Mumbai-based SIDBI Social Venture Trust, which has got approval to receive Rs.285 crore foreign investment to allot 'Class A' units of the fund to bring foreign investment.

The government also approved Malaysian budget carrier AirAsia's proposal to set up a new airline in the Indian civil aviation sector with partners like the Tata Group and Arun Bhatia promoted Telestra Tradeplace.

The initial investment approved for the new airline stands at Rs.80.98 crore.
The government has also deferred seven proposals and rejected one.