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Home arrow News arrow Business News arrow Government approves 8 FDI Proposals amounting to Rs. 883.166 crore
Government approves 8 FDI Proposals amounting to Rs. 883.166 crore Print E-mail
Written by Anand   
Wednesday, 15 December 2010
New Delhi: The Government has approved 8 Proposals of Foreign Direct Investment amounting to approximately Rs. 883.166 crore, based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on December 3, 2010.

A proposal by Gigant India Automotive Pvt. Ltd., Maharashtra for the induction of foreign equity to set up a new JV through an investing company with FDI/NRI inflow of Rs 1.47 crore was approved.

Similarly in the heavy industries sector, a proposal by Konecranes Finance Corporation, Finland for the induction of foreign equity in a company engaged in the financing, investment and consultancy activities in the field of manufacture of cranes with FDI/NRI inflows of Rs 169 crores was approved.  The proposal attracts para 4.2.2 of Circular No. 2 of 2010 of the Consolidated FDI Policy.

In the Defence sector, a proposal by Tata Advanced Systems Limited, Delhi for the induction of foreign equity to undertake activity relating to defence production with a FDI/NRI inflow of Rs 42.82 crores was approved.

Fourteen proposals were deferred at the meeting including a proposal by ABG Shipyard Ltd., Mumbai to enter into Defence Contracts and a proposal by Lakshmi Machine Works Ltd., Tamil Nadu to undertake activities of manufacture parts, components and accessories for aircraft and spacecraft to be supplied to civil and defence sectors. A proposal by Hindalco Industries Ltd., Mumbai for Ex-post-facto approval for issuance of partly paid up shares was also rejected.

Six proposals were rejected at the meeting and one proposal has been recommended for the consideration of CCEA, as the investment involved in the proposals is above Rs. 1200.00 crore.

A proposal by Forbo Holding AG, Lindenstrasse, Switzerland was withdrawn from the Agenda as the applicant has not provided the additional information. A proposal by MSC Agency (India) Pvt. Ltd., Mumbai was withdrawn from the Agenda since the activity is on automatic route, FIPB approval is not required.

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