The central government has approved 14 foreign direct investments (FDI) proposals worth Rs 1,584 crore, in line with the recommendations from Foreign Investment Promotion Board (FIPB). It includes Rs 225 crore foreign investment in Indian operations of Asian equity research major CLSA, besides 13 other FDI proposals.
The proposed FDI in CLSA Singapore holdings is for induction of foreign equity in an investing company to start off the business of process outsourcing services for clients, both domestic and offshore. The government has also cleared the Rs 674 crore proposal of Maharashtra-based Abhijeet Power for induction of foreign equity in an investing company to make downstream investment.
Among other proposals, which have been cleared includes Netmagic Solutions to bring in FDI worth Rs 182.8 crore, Pune-based Bajaj Finserv to bring in investments worth Rs 100 crore ,Hyderabad-based Takshila Tech Parks and Incubators (India) amounting to Rs 182.5 crore, MF Global Sify worth Rs 81 crore.
Though14 FDI proposals were cleared; decisions on 15 other proposals were deferred due to various reasons. These include applications of Tara Aerospace Systems, Ordain Health Care Global, Sterlite Networks and Mauritius-based Cloverdell Investments. The FDI inflow in India during 2011-12 was about $36.50 billion.
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