The Ministry of Finance has approved 31 foreign direct investment (FDI) proposals worth Rs 3844.70 crore on July 19, however, the ministry has delayed decision on 18 proposals and it rejected 3 proposals. The cleared FDI proposals were Cox & Kings, Mumbai, Multiples Equity Fund, Mumbai, Hinduja Energy (India), Mumbai and Ashwell Holding Company. The FDI proposals were cleared by the Foreign Investment Promotion Board (FIPB) in its last meeting.
The government's nod to Multiples Equity Fund - Scheme -1, Mumbai to bring in foreign funds worth Rs 1,000 crore is the largest FDI application that has been cleared. The company can now make investments in securities of the Indian companies and distribute income realized on its investment.
The application of Mumbai-based Ashwell Holding Company's proposal to get FDI worth Rs 852.6 crore, by selling equity to foreign entity, was also cleared. Along with this, Cox & King also got approval to carry out the business of leisure travel services, corporate travel services, visa processing services and foreign exchange services. The company proposes to bring in FDI worth Rs 450 crore.
The other major approved FDI proposals are Hinduja Energy (India) worth around Rs 400 crore and French firm Natixis Global Asset Management worth around Rs 300 crore and Paris based company BNP Paribas S.A. worth around Rs 225 crore.
Besides this, government delayed decision on 18 FDI proposals, which includes Dish TV India, Walt Disney Company India, Vodafone Essar and Essar Capital Holdings (India), Mumbai. The rejected applications of FDI are Goldshield Group, Verizon Communications India and ASP Sealing Products.
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