Government clears 16 FDI proposals worth 1,647 crore

New Delhi: The government has approved 16 projects involving foreign investment worth 1,647 crore, while deferring Punj Lloyd's proposals for lack of security clearance.

"Based on the recommendations of the Foreign Investment Promotion Board (FIPB) in its meeting held on May 10, 2013, the government has approved 16 proposals of foreign direct investment (FDI) amounting to 1,646.875 crore," an official statement said.

The board, headed by Economic Affairs Secretary Arvind Mayaram, also cleared the 962 crore proposal of Vijay Television for acquisition by foreign promoters.

It also approved Korea Western Power Co's proposal to invest in an Indian company to the tune of 270 crore.

Besides, the proposals of Darjeeling Organic Tea Estates' to increase foreign equity participation worth 105 crore and Bangalore-based BTI Payments to set up White Label ATM with FDI worth 108.50 crore was also cleared.

The board kept the proposal of Punj Lloyd in abeyance on the grounds of security clearance.

The meeting also deferred eight proposals, while not taking a view on two proposals - U.S.-based Jawahar Palaniappan and Kolkata-based Akzo Nobel, saying they were not within the FIPB's purview.

The proposals which were deferred include those of Sterlite Networks Ltd to reduce quantum of FDI, and IL&FS Securities Services for merger of an Indian company with another company.

The other proposals which were cleared by the FIPB include that of ABG Container handling, Belgium-based Celio International and pharma firms Mylan Laboratories and Terumo Mauritius Holding.

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