Government Approves 6 FDI Proposals Worth Over 732 Crore

New Delhi: The government approved 6 FDI proposals, including that of AirAsia Investment, Malaysia, totalling over 732 crore.

The Foreign Investment Promotion Board (FIPB) headed by Economic Affairs Secretary Arvind Mayaram, also cleared the proposal of SIDBI Social Venture Trust, to allot Class A units of the Fund to bring foreign investment worth 285 crore.

The 80.98 crore proposal of M/s AirAsia Investment, Malaysia, to set up a Joint Venture company to undertake the business of operation of scheduled passenger airlines, was also given approval.

"Based on the recommendations of FIPB in its meeting held on March 6, the Government has approved 6 proposals of foreign direct investment (FDI) amounting to 732.77 crore approximately, "the Finance Ministry said in a statement.

The biggest proposal that was cleared was that of Hyderabad based Navayuga Road Projects plan to act as an investing company and to make downstream investments in its Special Purpose Companies worth of 357.60 crore.

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