Govt of India approved FDI's 14 proposals worth Rs.1300 Cr

New Delhi: The government on Wednesday approved 14 proposals of Foreign Direct Investment (FDI), including that of Mauritius-based Ghir Investments, totalling Rs 1,289.85 crore.

The Foreign Investment Promotion Board (FIPB), however, deferred decisions on 27 proposals, including that of Essar Capital Holdings and Forbo Holding AG, Lindenstrasse, Switzerland.

The FIPB, which falls under the Finance Ministry, gave its nod to Kolkata-based Dhunseri Investments' FDI proposals worth Rs 715 crore. The company had proposed to issue and allot equity shares to non-resident shareholders consequent upon demerger.

Ghir Investments got the approval of the Board for induction of foreign equity in an investing company. The Mauritius-based company proposes to bring in FDI worth Rs 530 crore.

The other proposals which were cleared include that of Pipavav Shipyard, Gujarat, to undertake additional activity relating to defence sector.

Kyuden International Corporation, Japan also got clearance to set up a joint venture investment company to undertake downstream investments in the business of developing and establishing renewable power projects.

Similarly, the Board put off decision on the proposal of Essar Capital Holdings (India), Mumbai, 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 ($17.08 billion), down 29 per cent from Rs 1,09,668 in the same period last year.