Government clears 21 FDI proposals worth Rs85 crore

The government today cleared 21 foreign direct investment (FDI) proposals worth a total of Rs85 crore, including a proposal by the world's biggest chemical company, BASF, to invest Rs63 crore in the country.

The government deferred a decision on 14 proposals, including a proposal by Vijay Mallya-run United Breweries to raise Rs708 crore through issue of convertible warrants to FirStart Inc British Virgin Islands.

It also rejected seven proposals, including that of Japan's NTT-DoCoMo, for foreign currency conversion of its investments in Tata Teleservices, on the recommendation of the Foreign Investment Promotion Board.

Based on the recommendations of the Foreign Investment Promotion Board (FIPB) at its meeting held on 19 June, the government approved 21 FDI proposals worth around Rs84.90 crore. 

Under the proposals approved by the government today, Nilorngruppen AB of Sweden will acquire 100 per cent equity shares to carry on manufacture and wholesale cash and carry trading business;

BASF SE of Germany has been allowed to acquire equity shares by way of an "open offer" to undertake manufacturing and trading of specialty chemicals and in commoditised products;