Government clears 22 FDI proposals worth Rs 3,249 crore

NEW DELHI: Government today said it has cleared foreign direct investment proposals of KSK Energy Ventures, Telenor Mobile, InterGlobe Aviation and of 19 others worth Rs 3248.83 crore has been cleared.

The FDI proposals have been cleared following recommendation of the Foreign Investment Promotion Board (FIPB), the Finance Ministry said.

KSK Energy Ventures Ltd, with 74.94 per cent foreign equity, engaged in the business of investing company, has been given permission to issue and allot warrants to foreign promoters. The proposal entails investment of Rs 1,050 crore.

Norway-based Telenor, through Telenor South Asia Investment Pte (Singapore), has got government's nod to increase its shareholding in Telewings Communication (Uninor) to 100 per cent from the current 74 per cent. The proposal is worth Rs 78 crore.

FIPB has also cleared the proposal of InterGlobe Aviation, holding company of IndiGo. This would clear the way for fresh foreign direct investment in air carrier IndiGo.

In a cashless transaction, InterGlobe Aviation will issue 147,000 equity shares having face value of Rs 1,000 to NRI owners of Caelum in in proportion to the voting units held by them.

The approval is also likely pave the way for IndiGo to come out with its IPO. The air carrier has been planning to attract additional investment for several months.

Government has also cleared proposal of Religare Credit Investments Trust. It has sought nod for foreign investment of up to Rs 500 crore by Religare India Credit Assets Fund, Netherlands in the Class A units of Religare Credit Opportunities Fund Scheme I, an AIF Category II Fund.

Other proposals which have been cleared include that of Gurgaon-based Baxter (India) (pharma firm), ARKRAY Healthcare (pharma), Verdant Telemetry & Antenna Systems (defence), Genpact India (IT) and Innisfree Cosmetics India (trading).

Finance Ministry further said decision on nine FDI proposals, which were taken up by the FIPB on August 1, have been deferred. These include that of HBM Private Equity India, Intas Pharmaceuticals and Verizon Communications India Pvt Ltd.

Four proposals were also rejected.