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Foreign investment proposals worth Rs.1,361 crore cleared
October 23, 2009
New Delhi: The government has approved 26 foreign investment proposals worth Rs.1,361 crore, it said here Thursday.
"Based on the recommendations of the Foreign Investment Promotion Board (FIPB) in its meeting held on Oct 9, the government has approved 26 proposals of foreign direct investment (FDI) amounting to Rs.1,360.52 crore," an official statement said.
Among the proposals approved, the government allowed Delhi-based Capricorn Hospitality Services to bring in foreign investment worth Rs.576 crore or up to 49 percent of its share capital to make downstream investments either directly or through other investment companies.
Similarly, it approved Hyderabad-based Indus Renewable Energy's proposal to make Rs.500-crore downstream investments.
However, 14 proposals were deferred including one by Jet Airways to raise funds through foreign institutional investors.
Four proposals were rejected, including one from telecom operator ByCell Telecommunication following objections by security agencies over its credentials.
"A decision is required to be taken in the light of the high court's directions that any representation made by ByCell is to be considered by FIPB in light of MHA's (ministry of home affairs) objections to security credentials of the company," the statement said.
"Based on the recommendations of the Foreign Investment Promotion Board (FIPB) in its meeting held on Oct 9, the government has approved 26 proposals of foreign direct investment (FDI) amounting to Rs.1,360.52 crore," an official statement said.
Among the proposals approved, the government allowed Delhi-based Capricorn Hospitality Services to bring in foreign investment worth Rs.576 crore or up to 49 percent of its share capital to make downstream investments either directly or through other investment companies.
Similarly, it approved Hyderabad-based Indus Renewable Energy's proposal to make Rs.500-crore downstream investments.
However, 14 proposals were deferred including one by Jet Airways to raise funds through foreign institutional investors.
Four proposals were rejected, including one from telecom operator ByCell Telecommunication following objections by security agencies over its credentials.
"A decision is required to be taken in the light of the high court's directions that any representation made by ByCell is to be considered by FIPB in light of MHA's (ministry of home affairs) objections to security credentials of the company," the statement said.
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