The Government has cleared 29 FDI proposals worth Rs 616 crore, more than half of which will be brought in by AAPC of Singapore in the hotel business in India.
AAPC Singapore Pte Ltd will invest Rs 365.78 crore in an Indian company for constructing and managing low-budget hotels as per the proposals cleared on the recommendation of the Foreign Investment Promotion Board (FIPB).
However, the government has deferred as many as 19 proposals including those of Hiranandani Realtors, Yamaha Motor India, BNP Paribas Securities Services and Quippo Telecom. It also rejected a proposal by ICP Investments (Mauritius) Ltd.
Besides AAPC, a proposal by cargo-handling company ABG Bulk Handling was approved, involving FDI of Rs 90 crore for making downstream investment.
India's first regulated entertainment venture fund Cinema Capital Ventures Fund will bring in Rs 50 crore for investment in the fund.
Global telecom leader Telcordia Technologies of USA will invest Rs 45 crore in buying equity in Indian companies to carry out mobile number portability solutions.
Furniture design company Poltrona Frau's proposal for single-brand retail trading has also been cleared and it will bring in Rs 21.50 crore.
The government also cleared Astra Microwave Products' proposal for investment in a company for manufacturing licensed defence items, which will, however, not result in any FDI inflows.
A proposal by What's on India Media was also approved for holding a TV channel licence for uplinking a non-news and current affairs TV channel from India, which will also not lead to any FDI inflows.
On a proposal by Goldman Sachs Investments for seeking ex-post facto approval for its seven per cent investment in commodity exchange NCDEX, the government said it has taken note of the fact.
The Government does not currently allow an individual entity to hold more than 5 per cent in a commodity exchange but Goldman Sachs had invested when the policy was not there.
