22 FDI Proposals Worth Over 3,951 Crore Cleared

NEW DELHI: The Indian government on Friday said it has cleared the foreign direct investment (FDI) proposals of KSK Energy Ventures, Telenor Mobile, InterGlobe Aviation and of 19 others worth 3,951.61 crore.

The FDI proposals have been cleared following recommendation of the Foreign Investment Promotion Board (FIPB), the finance ministry said in a statement here.

KSK Energy Ventures Ltd, with 74.94 percent foreign equity, engaged in the business of investing, has been given permission to issue and allot warrants to foreign promoters. The proposal entails an investment of 1,050 crore, the ministry said.

Norway-based Telenor, through Telenor South Asia Investment, Singapore, has got government permission to increase its shareholding in Telewings Communication (Uninor) to 100 percent from the current 74 percent. The proposal is worth 78 crore.

The FIPB has also cleared the proposal of InterGlobe Aviation, the holding company of air carrier IndiGo. This would clear the way for fresh FDI in IndiGo.

In a cashless transaction, InterGlobe Aviation will issue 147,000 equity shares of 1,000 each to NRI owners of Caelum in proportion to the voting units held by them.

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