FIPB clears six FDI proposals worth Rs 551 crore

One of them was Mauritius-based Destimoney Enterprises' Rs 490-crore proposal for subscribing to partly paid equity shares of PNB Housing Finance

FIPB has cleared six FDI proposals with estimated investments of Rs 551 crore, including Mauritius-based Destimoney Enterprises' Rs 489.99 crore proposal for subscribing to partly paid equity shares of PNB Housing Finance Ltd.

Amri India Private Limited's Rs 59.95 crore proposal for fresh investment of $10 million from its parent company Albany Molecular Research Mauritius was also approved, the Finance Ministry said in a statement.

The Foreign Investment and Promotion Board (FIPB) has also given its nod for Brunswick India Limited's application for making 99.99 per cent investment in the capital of a Limited Liability Partnership to be incorporated in India.

FIPB, which is headed by Finance Secretary Arvind Mayaram, has deferred a number of proposals, including that of Walt Disney, News Laundry, BNP Paribas and Indian Rotorcraft, the statement added.

These decisions were taken by the FIPB at its meeting last month.

The FIPB will take a call on 31 proposals of foreign direct investment, including that of Johnson & Johnson and Monsanto Holdings tomorrow.