FDI for Pipavav's defence projects among 14 cleared; Verizon loses out
24 Mar 2011
The Foreign Investment Promotion Board has approved 14 proposals for foreign direct investment, worth Rs1,289 crore, according to a statement from the union government on Wednesday.
The proposals approved include those of Mauritius-based Ghir Investments - which proposes to infuse equity worth Rs530 crore into an investment company – and Gujarat's Pipavav Shipyard's request to allow foreign investments in the company for defence-related projects.
However, no details were given on which foreign entities would invest in Pipavav, the naval ship builder.
Five proposals were rejected and 27 deferred. These actions were taken at the FIPB meeting on 11 March.
''Based on the recommendations of FIPB, government has approved 14 proposals of FDI amounting to Rs1,289.855 crore,'' an official statement said.
The proposals cleared include that of Kolkata-based Dhunseri Investments' project worth Rs715 crore, where the company will issue and allot equity shares to the non-resident shareholders consequent upon de-merger.