Govt clears 13 FDI proposals

Government has cleared 13 foreign direct investment (FDI) proposals totaling Rs 393.36 crore that includes Maruti's proposed joint venture (JV) with Japanese Futaba Industrial Co and Bloomberg's plan to increase paid-up capital and enhance down-linking activities.

The country's largest car company Maruti Udyog's proposal to set up a JV with Futaba Industrial Co has been cleared with foreign equity of up to 51 per cent amounting to Rs 45.90 crore, an official release said.

Finance Minister P Chidambaram approved these proposals recommended by foreign investment promotion board (FIPB) in its meeting held recently, it said.

International newswire Bloomberg's proposal to down-link its TV programmes into India and also to increase paid-up capital involving infusion of Rs 85 lakh has been cleared.

However, the proposal of Ford Automotive Finance Company India Private has been rejected.

Other important proposals include induction of foreign equity of Rs 232.58 crore (72.5 per cent) by Secunderabad-based Aster Infrastructure offering telecom services and Hyderabad-based KVK Energy's proposal to bring in 70 per cent foreign equity of Rs 97.06 crore to make investment in downstream operating companies.