The Foreign Investment Promotion Board (FIPB) on Monday approved 12 new foreign direct investment (FDI) proposals worth over Rs. 1,000 crore, including that of Walt Disney and Zee Entertainment.
Based on the recommendations of FIPB, the government has approved 12 proposals of FDI amounting to Rs. 1,045.61 crore, an official statement said here. The highest FDI of Rs. 529 crore is likely to come from Delhi-based Max India, followed by Hyderabad-based Soma Highways (Toll) Projects' Rs. 360-crore proposal.
The government deferred 11 proposals, including Essar Capital Holdings, Verizon Communications, Star India Holding, and Etisalat DB Telecom. It, however, rejected seven FDI proposals and referred the proposal of Bharat Oman Refineries to the Cabinet Committee on Economic Affairs (CCEA) for its consideration.
Similarly, the government had begun the process of restricting fresh foreign investment in the tobacco sector as it would like India to be seen as a responsible country, conscious about its people's health. The Department of Industrial Policy and Promotion is preparing a note for inter-ministerial consultations on the issue.
The Health Ministry was also in favour of the move. At present, there is no clarity on the FDI in the tobacco sector. India, a signatory to the World Health Organisation-sponsored Framework Convention on Tobacco Control, is committed to bring down tobacco cultivation and consumption in the country.
