The Central Government on Tuesday approved six foreign direct investment (FDI) proposals envisaging a capital inflow worth about Rs.732.77 crore in foreign exchange.
According to a Finance Ministry statement here, the approvals, based on the recommendations of the Foreign Investment Promotion Board (FIPB) headed by Economic Affairs Secretary Arvind Mayaram, include clearance to Malaysia-based AirAsia Investment Limited’s proposal to bring in FDI worth Rs.80.98 crore to set up a joint venture company for undertaking the business of operation of scheduled passenger airlines.
At its meeting on March 6, the FIPB also approved SIDBI Social Venture Trust’s proposal to allot ‘Class A’ units of the Fund envisaging a foreign exchange inflow worth Rs.285 crore.
However, out of the six approvals, the biggest clearance in terms of capital inflow pertained to Hyderabad-based Navayuga Road Projects Pvt. Ltd., which proposed to act as an investing company and make downstream investments worth Rs.357.60 crore in its ‘Special Purpose Companies’.
Hyderabad-based AET Laboratories Pvt. Ltd. also received the go-ahead for infusing additional foreign equity worth Rs.5.34 crore in a pharmaceutical company while Bangalore-based Bharat Electronics Limited (BEL) has been permitted to set up a joint venture entailing foreign investment worth Rs.2.5 crore to carry out the business of design, development, marketing, supply and support of civilian and select defence radars for Indian and global markets.
The FIPB also rejected one proposal and deferred its decision on seven others.