Govt approves 14 FDI proposals worth over Rs 1257 cr

New Delhi, Oct 18 (UNI) The Union government today approved 14 foreign direct investment (FDI) proposals envisaging investment of Rs 1,237.31 crore on the recommendation of Foreign Investment Promotion Board (FIPB).

The biggest investment getting the Union Finance ministry's approval was that of Mauritius-based Essar Telecommunication Holding Ltd which has been allowed to invest Rs 500 crore of foreign equity in a infrastrcuture company.

The ministry also approved investment of Rs 200 crore by US-based Goldman Sachs Asset Mangagement in an asset management company engaged in non-banking financial activities and in a trustee company for a muutal fund to be registered with security exchange board of India (SEBI).

Greenko of Mauritius has been given the nod to invest Rs 480 crore in Balajit Biomass Power Pvt Ltd, making it an operating-cum-holding company to enable it made downstream investments in power projects in the country, a Finance Ministry statement today said.

The FIPB has, however, deferred six other proposals. These include Mumbai-based South Asia Technologies which wanted to induct foreign equity in a company engaged in FM broadcasting services. The proposal of another Mumbai-based company, Bonsal International, which had requested for inducting FDI of upto 31.67 per cent in an investing company, has also been deferred by the board. The proposal of US-based Millennium India Acquistion Company to invest in two NBFC companies having subsidiaries engaged in security market as stock broker, distribution of muutal fund units, commodities trading, insurance broking and merchant banking, too, has been postponed, the ministry statement added.

UNI