The government has approved eight proposals of Foreign Direct Investment (FDI) worth of Rs 1,311.54 crore, on the basis of Foreign Investment Promotion Board (FIPB) recommendations, taken after its meeting on June 14.
The approval includes Rs 1000 crore proposal to set up a joint Venture Company in telecom sector by Telenor Mobile Communication AS, a subsidiary of Norwegian telecom giant Telenor AS and the firm will be using this money to raise their shares in Telewings from current 49% to 74%. Also, Rs 280 crore proposal of Mahle Holding India; and Rs 8.39 crore proposal Kolkata-based Srei Infrastructure Finance to set up White label ATMs and UK-based Aveva Solutions for setting up an Limited Liability Partnership firm for software development, too have been approved.
FIPB deferred decisions on 10 applications and rejected 6 proposals. Among the rejected included the proposal of Multi Commodity Exchange to bring in foreign investment.
