Govt approves 6 FDI proposals worth over Rs 732 crore
Updated: Mar 26, 2013 04:47:00pm
New Delhi, Mar 26 (KNN) The government on Tuesday approved 6 FDI proposals, including that of AirAsia Investment Ltd., Malaysia and SIDBI Social Venture Trust totalling over Rs 732 crore.
The Rs 80.98 crore proposal of AirAsia Investment Ltd, Malaysia, to set up a Joint Venture company to undertake the business of operation of scheduled passenger airlines, was given approval by the Foreign Investment Promotion Board (FIPB) headed by the Economic Affairs Secretary Arvind Mayaram .
The Board also cleared the proposal of SIDBI Social Venture Trust, to allot Class A units of the Fund to bring foreign investment worth Rs 285 crore.
“Based on the recommendations of FIPB in its meeting held on March-6, 2013, the Government has approved 6 proposals of foreign direct investment (FDI) amounting to Rs 732.77 crore approximately,” the Finance Ministry said in a statement.
The biggest proposal that was cleared was that of Hyderabad-based Navayuga Road Projects Pvt Ltd. plan to act as an investing company and to make downstream investments in its Special Purpose Companies worth Rs 357.60 crore.
The board also cleared Hyderabad-based AET Laboratories Pvt Ltd’s proposal for induction of additional foreign equity in a pharmaceutical company worth Rs 5.34 crore.
The proposal of Bharat Electronics Limited, Bangalore to set up a JV company worth Rs 2.5 crore to carry out the business of design, development, marketing, supply and support of civilian and select defence radars for Indian and global markets was also approved. (KNN)
The Rs 80.98 crore proposal of AirAsia Investment Ltd, Malaysia, to set up a Joint Venture company to undertake the business of operation of scheduled passenger airlines, was given approval by the Foreign Investment Promotion Board (FIPB) headed by the Economic Affairs Secretary Arvind Mayaram .
The Board also cleared the proposal of SIDBI Social Venture Trust, to allot Class A units of the Fund to bring foreign investment worth Rs 285 crore.
“Based on the recommendations of FIPB in its meeting held on March-6, 2013, the Government has approved 6 proposals of foreign direct investment (FDI) amounting to Rs 732.77 crore approximately,” the Finance Ministry said in a statement.
The biggest proposal that was cleared was that of Hyderabad-based Navayuga Road Projects Pvt Ltd. plan to act as an investing company and to make downstream investments in its Special Purpose Companies worth Rs 357.60 crore.
The board also cleared Hyderabad-based AET Laboratories Pvt Ltd’s proposal for induction of additional foreign equity in a pharmaceutical company worth Rs 5.34 crore.
The proposal of Bharat Electronics Limited, Bangalore to set up a JV company worth Rs 2.5 crore to carry out the business of design, development, marketing, supply and support of civilian and select defence radars for Indian and global markets was also approved. (KNN)
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