Based on the recommendations of the Foreign Investment Promotion Board (FIPB) in its meeting held on June 29, 2012, the Central Government has approved 14 Proposals of Foreign Direct Investment (FDI) amounting to Rs 1584.11crore approximately, said in the statement.
As per the ministry, Maharashtra based Abhijeet Power Limited, had proposed to bring in FDI worth Rs 674 crore for induction of foreign equity in an investing company to make downstream investment.
While, BajajFinserv Limited, Pune had proposed to invest Rs 100 crore for issue and allot of equity shares to carry out NBFC activities directly and through subsidiaries under Rights Issue.
In the telecom sector, approval was given to NetmagicSolutions Pvt. Ltd which proposed to bring FDI worth Rs 182 crores to increase in foreign equity upto 74 percent and induction of a new foreign collaborator to undertake the business of Internet Service Provider with gateways.
However, 15 other proposals were rejected due to various reasons, which included applications of Tara Aerospace Systems, Ordain Health Care Global, Sterlite Networks and Mauritius-based Cloverdell Investments.