Govt approves 18 FDI proposals worth over Rs 2,245 cr

NEW DELHI: The government today approved 18 foreign investment proposals worth Rs 2,245.32 crore, with the major inflow being accounted for by Transcend Infrastructure for setting up communication and broadcasting towers business.

Transcend Infrastructure ( TIL) proposal entails FDI inflow of Rs 1,932 crore, a finance ministry statement said.

The company plans to build, acquire and lease towers for the communications and broadcasting sectors, it added.

Meanwhile, the government has rejected 10 proposals, including those of Mahindra & Mahindra Ltd, INX Media Pvt Ltd, Telcordia Technologies and Siemens Ltd.

Besides, 21 other proposals have been deferred and involve companies like Wipro Ltd, Zee Entertainment Enterprises, Jagran Media Network Pvt Ltd, Essar Capital Holdings (India) Ltd, UTStarcom India Telecom Pvt Ltd and Verizon Communications India Pvt Ltd.
The other proposals cleared include that of Frigorifico Allana Ltd for setting up a JV, involving FDI of Rs 125 crore.

The proposal of GETIT Infoservices Pvt Ltd, involving FDI of Rs 96 crore, has also been cleared. The company plans to increase foreign equity and undertake "additional activity relating to publishing", the statement said.

Other FDI proposals cleared include: Nisarg Building Art & Technology Pvt Ltd (Rs 51.81 crore), Turquoise Metals & Electricals Pvt Ltd (Rs 10.36 crore), Modi Naturals Ltd (Rs 7.92 crore), NTT Communications Corporation (Rs 7.4 crore), Mcnally Sayaji Engineering Ltd (Rs 6.23 crore) and Telstra Pvt Ltd (Rs 5.54 crore).