The Centre on Monday approved 23 foreign direct investment (FDI) proposals worth over Rs. 2,325 crore, which includes Rs.1,142.21 crore proposal of broadband services provider Tikona Digital Network and that of auto components manufacturer Bharat Forge worth Rs. 576 crore.
Tikona Digital Network will enhance its FDI to 74 per cent by issuing compulsorily convertible debentures and equity shares to existing and new foreign investors, while Bharat Forge will issue warrants. Similarly, medical device-maker Opto Circuits' Rs. 376.27-crore proposal to issue convertible warrants has been cleared, Rs. 110-crore project of Mumbai-based Valuable Destination Pvt. Ltd. for development of real estate and infrastructure projects has also been approved.
Other FDI projects cleared include that of Aster Infrastructure Pvt. Ltd., What's On India Media Pvt. Ltd., Parpl Holdings (Mauritius) ltd., East Coast Energy Pvt. Ltd., Hyderabad. However, the Centre has deferred eight proposals including that of Essar Capital Holding, Verizon Communications, Etisalat DB Telecom, Telcordia Technologies of the U.S., and S Tel Pvt. Ltd., Gurgaon. It has rejected six proposals, while Star India Holding has withdrawn its Rs. 324.59 crore proposal to acquire stake in TS Investments.