"Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on July 29, government has approved 17 proposals of FDI amounting to Rs 992.61 crore approximately," a Finance Ministry statement said. (Agencies)
The proposal of Jet Airways India, amounting to Rs 2,057.66 crore, has been recommended for consideration of the Cabinet Committee on Economic Affairs. Jet Airways proposes to sell a 24 per cent stake to Abu Dhabi-based Etihad Airways.
Fresenius Kabi (Singapore) Pte got FIPB approval to acquire shares of its Indian subsidiary, which will be delisted. Fresenius Kabi plans to bring in Rs 349.03 crore.
Some pharma sector projects that have been cleared include Calyx Chemicals & Pharmaceuticals (Rs 200 crore), Smith & Nephew Pte Ltd, Singapore (Rs 142.29 crore) and Celon Laboratories, Andhra Pradesh (Rs 12.55 crore).
Muthoot Finance, a non-banking finance company with FDI, has been allowed to set up white label ATMs. There will be no FDI inflow.
The FIPB cleared a proposal of Penguin Books India to increase FDI from 55 percent to 100 percent by transferring shares from residents to non-residents. The proposal is worth Rs 54.64 crore.
A proposal of Ramneek Singh of Amritsar worth Rs 154 crore to set up a limited liability partnership firm with 93.34 percent foreign equity to undertake agri-export business was approved.
Decisions have been deferred on five FDI proposals, including those of Viacom 18 Media, Aerrianta International CPT (Ireland) and Security International Services India, the Finance Ministry said.
Five proposals were rejected by the FIPB, which is headed by Economic Affairs Secretary Arvind Mayaram. These include plans by Guetermann India, Johnson Electronic and Elumatec India.
Decisions have been kept in abeyance for four proposals, including plans of Bharti Shipyard, Tandberg Technology India and Lotus Surgical Specialties.
"Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on July 29, government has approved 17 proposals of FDI amounting to Rs 992.61 crore approximately," a Finance Ministry statement said.