Government clears four FDI proposals worth Rs 502 cr

NEW DELHI: Four foreign direct investment proposals, including that of Mahle Holding India and HBO India, totalling Rs 502 crore have been cleared by the government.

"Based on the recommendations of Foreign Investment Promotion Board ( FIPB) in its meeting held on December 9, 2013, government has approved four proposals of Foreign Direct Investment amounting to Rs 502 crore," the Finance Ministry today said in a statement.

Mahle Holding India has got the government's approval to infuse more investment from its existing foreign investors. The proposal entails an investment of Rs 500 crore.

HBO India Pvt proposes to engage in the activities of down-linking non-news and current affairs television channels.

The other two proposals that have been cleared are that of Air Works India (Engineering) Pvt Ltd, Mumbai and Malca Amit Global Limited, Hong Kong.

The Ministry further said decision on the Indian Rotocraft's proposal has been kept in abeyance.

It is related to review, on the request of Ministry of Defence, of the amendment to the earlier FIPB approval to incorporate the helicopter model as AW 119Kx, the upgraded model, in place of AW 119Ke, the discontinued model.