Government on Monday said it has cleared 12 foreign investment proposals, including that of Swedish fashion major Hennes & Mauritz, totalling Rs 821.63 crore.
“Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on November 13, 2013, the Government of India has approved twelve (12) proposals of Foreign Direct Investment (FDI) amounting to Rs 821.63 crore,” Finance Ministry said in a statement.
Vodafone’s proposal to increase its shareholding in its Indian arm to 100 per cent from the current 64.38 per cent was withdrawn from the agenda, it added.
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The Rs 10,141 crore proposal, moved by CGP India Investments Ltd (an indirect Mauritian unit of Vodafone International Holdings BV), is now scheduled to be taken up in the next FIPB meeting on December 6.
As per the statement, the decision on Swiss building materials major Holcim’s proposal has been kept in “abeyance”.
H & M has got the approval to invest about Rs 720 crore for opening stores across the country. It plans to set up a wholly owned subsidiary in India to undertake single brand retailing. The fashion retailer has 3,000 stores spread across 53 markets worldwide.
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Other FDI proposal which have have been cleared include that of Bay Capital Investment Ltd, Mauritius; Viacom 18 Media Pvt Ltd; Hawco Petrofer LLP, Mumbai; Jobair Hasan Chowdhury and Ms. Tasneem Ahmed, Bangladesh and Green Destinations Holdings, Mauritius.
The Finance Ministry further said that decision on four FDI proposals including that of GETCO Asia Pte Ltd, Singapore and P5 Asia Holding Investments (Mauritius) Limited, have been deferred.
Four FDI proposal were also rejected, the Ministry said.
These include Veritas (India) Limited and Astonfield Renewables Pvt Ltd.
India’s FDI inflows during April-August grew 4 per cent to $ 8.46 billion.