The Centre on Friday approved 18 foreign direct investment (FDI) proposals worth Rs.2,245.32 crore, which include a Rs.1,932 crore project of Transcend Infrastructure for setting up communication and broadcasting tower business.
The other projects cleared by the Ministry of Finance, based on the recommendations of the Foreign Investment Promotion Board (FIPB), include that of Frigorifico Allana for setting up a joint venture, involving FDI of Rs.125 crore, and also of GETIT Infoservices Pvt Ltd, involving foreign direct investment of Rs.96 crore for increasing foreign equity and undertake additional activity relating to publishing.
Other FDI proposals cleared include that of Nisarg Building Art & Technology Pvt. Ltd. (Rs.51.81 crore), Turquoise Metals & Electricals Pvt. Ltd. (Rs.10.36 crore), Modi Naturals (Rs.7.92 crore), NTT Communications Corporation (Rs.7.40 crore), McNally Sayaji Engineering (Rs.6.23 crore) and Telstra Pvt. Ltd. (Rs.5.54 crore).
However, the Centre rejected ten proposals, including those of Mahindra & Mahindra, INX Media Pvt. Ltd., Telcordia Technologies and Siemens.
It also deferred 21 other proposals of companies like Wipro, Zee Entertainment Enterprises, Jagran Media Network Pvt. Ltd., Essar Capital Holdings (India), UTStarcom India Telecom Pvt. Ltd. and Verizon Communications India Pvt. Ltd.