The Union government on June 18 stated that it has cleared 16 foreign direct investment (FDI) proposals worth Rs 1,646.87 crore. Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on May 10, 2013, the government has approved the 16 proposals of FDI. The largest money flow of Rs.961.74 crore is related to acquisition of stakes by foreign promoters in Chennai-based Vijay Television.
The Union Finance Ministry said in a statement that the Foreign Investment Promotion Board (FIPB), headed by Economic Affairs Secretary Arvind Mayaram, has cleared the proposals.
Korea Western Power Company has got approval to invest Rs 270 crore in an Indian investment company. However, the company did not disclose the name of the Indian firm. Darjeeling Organic Tea Estates has got approval to raise foreign equity participation from 49 per cent to 60.50 per cent. It involves FDI inflows of Rs 105 crore.
Decision on eight proposals have been deferred, while one proposal related to Punj Lloyd has been kept in abeyance due to security clearance, the statement added.
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