Govt gives nod for 18 FDI proposals

New Delhi: Finance Minister P Chidambaram has approved 18 foreign direct investment proposals of around Rs 1,820 crore, including Manipal Educational Group's to induct foreign investment of Rs 1,435 crore in a holding company, based on recommendations of the Foreign Investment Promotion Board (FIPB).

However, a proposal by Pepsi India for extension of time for the mandatory divestment condition which requires it to offer a part of its equity stake to Indian shareholders has been deferred. Another proposal deffered was by DLF Limitless Developers to issue shares in lieu of pre-incorporation expenses.