Welcome Guest

Businessex.Com
Home News Govt clears 18 FDI proposals worth Rs 123 cr

Govt clears 18 FDI proposals worth Rs 123 cr

August 18, 2011 | COMMENTS ( 0 )

Govt clears 18 FDI proposals worth Rs 123 cr

The government today said it has approved 18 FDI proposals worth Rs 122.79 crore, including those of Pipavav Defence and Offshore Engineering Company, but has postponed a decision on the proposed sale of stake by Essar to Vodafone.

A total of 39 FDI proposals were taken up by the Foreign Investment Promotion Board (FIPB), but it put off a decision on 16, rejected four and directed one applicant to approach the Reserve Bank, the Finance Ministry said in a statement.

 

In an FIPB meeting held on August 5, the board cleared the proposal of Pipavav Defence Offshore Engineering Company to infuse Rs 81.62 crore of foreign capital in the company.

 

The FIPB, headed by Economic Affairs Secretary R Gopalan, also approved Air Works India (Engineering) Pvt Ltd's proposal to make downstream investments in aviation companies in India. This FDI proposal was worth Rs 17.77 crore.

 

It has also approved the application of Walt Disney Company to undertake the additional activity of broadcasting and downlinking in India, the statement added.

 

The board has allowed Dish TV India Ltd to induct foreign equity through a transfer of shares to carry out the business of telecommunication equipment manufacturing. It also approved a Rs 5.85 crore investment in Gujarat-based Om Pile Pvt Ltd.

 

However, the board has postponed a decision on the proposed acquisition of a 5.48% stake in telecom company Vodafone-Essar by two Mauritius-based companies for about Rs 2,700 crore.

 

The board has postponed the decision to "transfer shares from Resident to NR to carry out the activities relating to telecommunication," the statement said on the Vodafone proposal.

 

In addition, the board postponed a decision on the proposal of Essar Capital Holdings (India) to acquire equity shares of way of subscription to new equity shares or purchase of existing shares in an investing company engaged in the telecom sector.

 

In its last meeting, the FIPB had cleared 31 FDI proposals worth Rs 3,844.7 crore.

The FIPB offers single window clearance for proposals on FDI that are not allowed through the automatic route. The next meeting of the FIPB is scheduled on September 2.

 

Please add your comment

Rating
Not readable? Change text.
Enter the characters as seen on the image (case insensitive)
  Notify me of followup comments via e-mail   Subscribe for daily newsletter

Other NEWS

Delhi based startup i2e1 raises $5,00,000

Delhi based startup i2e1 raises $5,...

December 10, 2015

Delhi-based i2e1, a smart network player platform which aims to provide low-cost and free internet to consumers and actionable ana....

Cab aggregators collaborate with state governments to boost entrepreneurship

Cab aggregators collaborate with st...

November 06, 2015

Ola and Uber, cab aggregators have signed agreements with Rajasthan government for skill development and creation of entrepreneuri....

Phase II of startup incubator T-Hub to be operational soon

Phase II of startup incubator T-Hub...

November 04, 2015

Telangana government is planning to expand T-Hub, its ambitious incubator programme, in its second phase with about Rs 150 crore i....

Sabse Technologies receives investment from Ratan Tata

Sabse Technologies receives investm...

November 04, 2015

Global telecom carrier, Sabse Technologies Inc, started by Hotmail Founder Sabeer Bhatia today announced that Tata Sons' Chairman ....

Mobile startup BlackNGreen seeks international expansion

Mobile startup BlackNGreen seeks in...

November 02, 2015

Buoyed by a strong demand for value added services, mobile startup BlackNGreen is eyeing revenue of Rs 350 crore in the next one y....

Startups seek better future under Hay Group's programme

Startups seek better future under H...

October 30, 2015

Global management consultancy, Hay Group will help 100 selected entrepreneurs transform their startups into successful companies o....

Quintype raises USD 3.25 million for product enhancement

Quintype raises USD 3.25 million fo...

October 27, 2015

Quintype, a data-driven publishing company raised USD 3.25 million to enhance product and business development. ....

Hospitality aggregator startup Qik Stay raises $250K

Hospitality aggregator startup Qik ...

October 27, 2015

Delhi-based Qik Stay, a hotel branding and aggregator startup, has raised $250K in seed round of funding from venture capital firm....

Milk Mantra targets a turnover of Rs 150 crore this fiscal

Milk Mantra targets a turnover of R...

October 26, 2015

Odisha-based startup dairy firm, Milk Mantra is targeting a turnover of Rs 150 crore this fiscal.....

Vista Rooms creates app on Instagram, targets tier II & III cities

Vista Rooms creates app on Instagra...

October 23, 2015

Mumbai-based online budget accommodation aggregator, Vista Rooms has created an app-like experience on Instagram where travellers ....

Jiyo Natural receives funding from Indian Angel Network

Jiyo Natural receives funding from ...

October 23, 2015

Indian Angel Network (IAN) has invested an undisclosed amount in Bengaluru-based consumer health food startup, Jiyo Natural.....

​​Vodoo raises USD 1 million from SAIF Partners

​​Vodoo raises USD 1 mi...

October 15, 2015

Deals and price comparison application, Vodoo has raised USD 1 million (around Rs 65 lakh) from SAIF Partners in a seed funding ro....

IBM launches public data centre in Chennai, partners with Nasscom to boost start ups

IBM launches public data centre in ...

October 15, 2015

Technology giant, IBM today launched public data centre in Chennai to tap into growing demand from financial services and governme....

For Nasscom, PPP will boost startups in India

For Nasscom, PPP will boost startup...

October 14, 2015

In the wake of some reservations over the central government creating startup funds, Nasscom's "10,000 startups" Vice President, R....

WalmartLabs to seek partnership with Indian startups

WalmartLabs to seek partnership wit...

October 14, 2015

WalmartLabs, the digital arm of US-based retailing major Walmart Stores, is scouting for startups in India for partnership and wor....