Govt opens door for 12 FDI proposals

Indian Government today bagged Rs 242.88 crore investment in the country by clearing 12 proposals of foreign direct investment (FDI), as reported by PTI.

The Foreign Investment Promotion Board (FIPB) recommended 12 proposals, postponed 15 and rejected seven applications. The postponed ones include Vodafone Essar and Bangladesh-based Rahimafrooz Batteries.

The Finance Ministry approved 12 proposals for FDI amounting Rs 242.88 crore based on the recommendations of the FIPB.

The major chunk of investment will come with the worth of Rs 141.36 crore to Allcargo Global Logistics.

The investments also include one from Mumbai based Indian Rotorcraft, who seek to let in foreign equity to carry out the business of assembly of both military and civil helicopters. This proposal would attract Rs 17.42 crore in FDI, if implemented.

The Gujarat-based firm had also sought the government's nod for induction of foreign equity in its private security services business for worth Rs 66 crore.

The proposals on which decision is still pending were those of Walt Disney Company (Southeast) Asia Pte, InterCall Asia Pacific Holdings, Singapore, 9X Media and Cordia International Corp, USA.

And, the rejected proposals include those of Jadoli Systems (Bangalore) and AOS Holding India SAS France.

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