Government Approves 16 FDI Proposals

In line with the Finance Minister’s recent statement to work in the direction of attracting Foreign Direct Investments (FDIs), the government today cleared 16 FDI proposals worth Rs 1646.875 crore. These proposals were recommended by the Foreign Investment Promotion Board (FIPB) in its May 10, 2013 meeting.

A total of 27 proposals had come for government approval, out of which 8 have been deferred and 1 proposal belonging to Punj Lloyd regarding the denial of security clearance has been kept in abeyance. Two other proposals were not within the purview of the FIPB. 

Out of the 16 approved proposals, maximum investment has come into the media and entertainment industry with the existing domestic shareholding in the non-news channel business of Vijay Television being acquired by foreign promoters at Rs 961.74 crore while Celio International Belgium and Vileroy & Boch AG, Germany have invested Rs 40.62 crore (Rs 39.50 crore and Rs 1.12 crore respectively) in single brand retail in 2 different deals. 

The Power sector also received Rs 270 crore from Korea Western Power Company, Korea. Besides, 4 proposals belonging to the Pharma sector have been approved in the meeting.