The Central Government on Friday gave its approval to 18 foreign direct investment (FDI) proposals entailing an anticipated forex inflow of about Rs.2,126.20 crore.
The major chunk of the projected FDI inflow is envisaged to come through two proposals pertaining to Dish TV India (Rs.980 crore) and Ventureast Life Fund (Rs.950 crore) which were given the go-ahead based on the recommendations of the Foreign Investment Promotion Board (FIPB).
According to an official statement here, Dish TV India has been allowed to increase foreign equity to produce telecommunication equipment and provide management and marketing of ‘agrani' services in the area of mobile satellite communications. The induction of fresh foreign equity will involve an inflow of Rs.980 crore in foreign exchange.
Likewise, Mauritius-based Ventureast Life Fund III LLC has received the government's nod to induct foreign equity in a trust to the extent of Rs.950 crore in foreign exchange.
Among similar foreign equity induction proposals, the application of Unitech Wirless (TN) Pvt. Limited seeking to bring in fresh foreign equity worth Rs.8,250 crore to carry out the business of providing unified access services has been referred to the Cabinet Committee on Economic Affairs (CCEA) for approval in view of it exceeding the FIPB's approval ceiling pegged at Rs.1,200 crore.
As for other approvals, while Mumbai-based Amar Remedies Ltd. has been permitted to issue secured redeemable non-convertible debentures along with warrants to undertake manufacturing and marketing of personal care and OTC (over the counter) products entailing a FDI inflow of Rs.170 crore, the other clearances involve either negligible or nil inflow in foreign exchange.
The FIPB at its meeting on November 15 also deferred decision on 16 FDI proposals and rejected 11 others.