The government has cleared 34 Foreign Direct Investment (FDI) proposals worth about Rs 1,615 crore of firms like Mahindra and Mahindra, Sumitomo Corporation, and Barwah International from Qatar.
The government has cleared 34 Foreign Direct Investment (FDI) proposals worth about Rs 1,615 crore of firms like Mahindra and Mahindra, Sumitomo Corporation, and Barwah International from Qatar.
The largest investment proposals are in urban development, by HBS Realtors Mumbai, which intends to invest Rs 300 crore to convert the operating company into an operating-cum-holding company and Qatar-based Barwa International, which would invest Rs 400 crore.
Besides, Sumitomo Corporation from Japan would invest Rs 160 crore, but its proposal would be subject to norms laid down in Press Note one, the government said.
Meanwhile, another proposal from Universal Biofuels for an investment of Rs 200 crore was cleared, and it would incorporate and make downstream investment in subsidiaries and also issue and allot equity.
Auto major Mahindra and Mahaindra, which proposed to set up a joint venture company, was also given clearance by the government to invest Rs 28.94 crore.
However, the government deferred 13 FDI proposals, which includes those from Dun & Bradstreet, Hiranandani and Dow Jones, among others.
While Hiranandani had proposed to convert the operating company into an operating-cum-holding company, Dun & Bradstreet wanted to make investment in funds from its internal accruals or out of fresh ones.
Further, the government has rejected FDI proposals from four companies, including Tata Investment Corporation, Benq India and Forum Synergies.
Tata Investment had proposed to issue zero-coupon convertible bonds with detachable warrants to the company's equity shareholders on a rights basis - which the government rejected.
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