17 FDI proposals worth Rs 1,158 cr approved

Last Updated: Tuesday, November 17, 2009 - 19:27

New Delhi: The government today approved 17
foreign direct investment (FDI) proposals worth Rs 1,158.78
crore.

Among the major proposals which were approved today are
the FDI applications of the world`s largest steelmaker
ArcelorMittal and ductile iron pipe maker Electrosteel
Castings, a government statement said.
ArcelorMittal, with an FDI of Rs 503.37 crore, plans to
infuse foreign equity into a company engaged in manufacturing
cold-rolled semi-finished iron and steel products.

The Kolkata-based Electrosteel Castings plans to issue
and allot eligible securities including equity shares and/ or
non-convertible debt instruments along with warrants on a
private placement basis bringing in FDI worth Rs 600 crore.

Meanwhile, the government deferred a decision on 12 FDI
proposals and rejected five on the recommendations of the
Foreign Investment Promotion Board (FIPB).

The proposal to infuse 100 per cent foreign equity by
Jaipur IPL Cricket Pvt Ltd (the promoters of the Rajasthan
Royals which won the 2008 IPL), has been rejected by the
government.
The government referred the proposals of Jet Airways to
bring in Rs 2,000 crore FDI and the Mauritius-based investment
fund Indium IV to bring in Rs 2,500 crore FDI, to the Cabinet
Committee on Economic Affairs (CCEA) as the proposals
are of value above Rs 600 crore.

Bureau Report



First Published: Tuesday, November 17, 2009 - 19:27

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