Govt clears 18 FDI proposals worth Rs 1,553.26 cr

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New Delhi, Mar 14 (UNI) The government today said it has cleared 18 Foreign Direct Investment (FDI) proposals worth Rs 1,553.26 crore including Essar Capital Ltd plans to acquire the status of holding company to make investment in downstream finance/NBFC sector and induction of equity shares by Essar Global Ltd for Rs 560 crore.

The FDI proposals, approved by Finance Minister P Chidambaram following the recommendation from Foreign Investment Promotion Board (FIPB), also include Bharat Connect Ltd proposals to change in the status of operating company into operating cum holding company to make downstream investment in NBFC companies for Rs 250 crore.

Redington India Ltd's proposal for induction of foreign equity by a holding company in a company by way of acquisition of shares for Rs 195 crore was also approved by the government, said a statement.

FIPB nod also came for Paris-based Societe Beaujjon plans for indirect investment in an insurance company through a holding company for Rs 191 crore.

Cyprus-based Melbrook Ltd got the approval for change in the status of operating company into operating cum holding company for making downstream investments for Rs 125 crore.

The other companies, that got approval, include Japan's Teikoku Piston, Ortel Communications Ltd and Anagram Securities Ltd worth Rs 40 crore, Rs 60 crore and Rs 33 crore respectively.

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