Govt okays 19 FDI proposals worth $959 million


New Delhi : The government has approved 19 foreign direct investment (FDI) proposals worth Rs.4,340.77 crore ($959.44 million), mostly in steel, heavy industries and postal services.

Support TwoCircles

The Foreign Investment Promotion Board (FIPB) at its meeting held Dec 31, 2010 approved 19 proposals of the FDI but rejected 16, according to a finance ministry statement released Thursday.

The FIPB has cleared Tata Steels’ proposal worth Rs.1,100 crore ($243.12 million) 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 ($134.15 million) investment in the business of courier, express transportation, logistics and warehousing services.

Japan’s Yorozu Corporation has got the green signal to set up Rs.140 crore ($30.94 million) joint venture company to undertake the business of manufacturing of chassis, suspension parts and other automotive parts.

Future Ventures India Limited has got the go ahead for a Rs.300 crore ($66.30 million) 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 ($112.41 million) and already been brought.

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.