Modi Govt clears seven FDI proposals worth Rs 981 crore

New Delhi, July 29: Government today said it has cleared seven foreign investment proposals, including that of Hathway Cable and Datacom, totalling over Rs 981 crore.

The proposals worth Rs 981.15 crore have been cleared by the Finance Ministry following recommendations for the same by the Foreign Investment Promotion Board (FIPB).

Hathway Cable and Data Com Ltd has got approval for increasing foreign investment limit for FIIs and FPIs, among others under the portfolio investment scheme from the current 49 per cent of its issued and fully paid up share capital to 74 per cent.

The Ministry said the proposal, related to telecom and broadcasting sector, entails investment worth Rs 963 crore. Hyderabad-based Celon Laboratories too has got permission for downstream investment in a brown field pharma company.

The investment has been estimated at Rs 16 crore. Cyprus-based Lalea Trading, related to real estate, has been granted permission for repatriation of investment.

The clearance will lead to FDI outflow of about Rs 23.27 crore. The FIPB, in its July 3 meeting, has also cleared application of Kotak Mahindra Bank.

The private sector bank had sought approval for increasing the aggregate foreign investment to 55 per cent following a merger between ING Vyasa Bank and Kotak Bank.

Also, the decision on six FDI proposals including that of Den Networks, Reliance Globalcom (Bemuda), Sistema Shyam Teleservices and Indian Rotocraft was deferred in the meeting.

Meanwhile, the FIPB headed by Finance Secretary Rajiv Mehrishi will meet again tomorrow to decided on over 40 investment proposals.

PTI