By IANS,
New Delhi : The government has approved 19 foreign direct investment (FDI) proposals worth Rs.4,340.77 crore (Rs.43.40 billion) from groups such as Tata Steel, Future Ventures and Hindalco Industries.
The Foreign Investment Promotion Board (FIPB) at its meeting held Dec 31, 2010 approved 19 proposals of FDI but rejected 16 proposals, according to a finance ministry statement released Thursday.
The FIPB has cleared Tata Steels’ proposal worth Rs.1,100 crore for issue of warrants as part of its fund mobilisation plan.
The US-based Federal Express has got the green signal for its Rs.607 crore investment in the business of courier, express transportation, logistics and warehousing services.
Future Ventures India Limited has got approval for a Rs.300 crore foreign fund. The proposal is for induction of foreign equity in investing company by way of issue and allotment of equity shares in the initial public offering (IPO) of the company to foreign institutional investors and NRIs under the portfolio investment scheme, the statement said.
Hindalco Industries’ ex-post-facto approval for issuance of partly paid up shares as part of rights issue has also been approved. The proposal is worth Rs.508.63 crore.
The FIPB headed by Finance Secretary Ashok Chawla has rejected two FDI proposals, including that of B4U Television Network for induction of foreign equity to carry out business of up-linking a non-news and current affairs television channel.