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FIPB clears 1 investment proposal, rejects 7 others

Last Updated: Tuesday, December 4, 2012 - 21:50

New Delhi: Government Tuesday said it has cleared one foreign investment proposal worth about Rs 27.27 crore while deferring decisions on six others.

While considering 14 pending FDI proposals, the Foreign Investment Promotion Board (FIPB) also rejected seven of them.

"The Government has approved one proposal of foreign direct investment amounting to Rs 27.72 crore approximately. The FIPB approved it while considering the 14 pending proposals decision on which was deferred at its earlier meeting," the Finance Ministry said in a statement.

Bhartiya Samruddhi Investments and Consulting Services proposal for induction of foreign equity worth Rs 27.27 crore has been approved.

Proposals on which decision was deferred include that of Soma Tollways, Wire and Wireless (I) Ltd, Brampton Pvt Ltd and Multi Screen Media.

Among the seven FDI applications that have been rejected by the FIPB include that of Deutsche Investments India (Mumbai), G4S Secure Solutions (India) Pvt Ltd (Delhi & Haryana) and Augere Wireless Broadband India.


First Published: Tuesday, December 4, 2012 - 21:50
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