FIPB clears 16 FDI proposals worth Rs1,647 crore
Moneylife Digital Team 18 June 2013
Among the notable proposals cleared by the Board were the Rs962 crore proposal of Vijay Television for acquisition by foreign promoters and Korea Western Power Co’s proposal to invest in an Indian company to the tune of Rs270 crore
 
The government has approved 16 projects involving foreign investment worth Rs1,647 crore, while deferring Punj Lloyd’s proposals for lack of security clearance.
 
“Based on the recommendations of the Foreign Investment Promotion Board (FIPB) in its meeting held on 10 May 2013, government has approved 16 proposals of Foreign Direct Investment (FDI) amounting to Rs1,646.875 crore,” an official statement said.
 
The Board, headed by Economic Affairs Secretary Arvind Mayaram, also cleared the Rs962 crore proposal of Vijay Television for acquisition by foreign promoters. It also approved Korea Western Power Co’s proposal to invest in an Indian company to the tune of Rs270 crore.
 
Besides the proposals of Darjeeling Organic Tea Estates' to increase foreign equity participation worth Rs105 crore and Bangalore-based BTI Payments Pvt Ltd’s to set up white label ATM with FDI worth Rs108.50 crore was also cleared.
 
The Board kept the proposal of Punj Lloyd in abeyance on the grounds of security clearance. The meeting also deferred eight proposals, while not taking a view on two proposals—US-based Jawahar Palaniappan and Kolkata-based Akzo Nobel—saying they are not within the purview of FIPB.
 
The proposals which were deferred include those of Sterlite Networks to reduce quantum of FDI, IL&FS Securities Services for merger of an Indian company with another company.
 
The other proposals which were cleared by the FIPB include that of ABG Container handling, Belgium-based Celio International and pharma firms Mylan Laboratories and Terumo Mauritius Holding.
 
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