FIPB clears only one FDI proposal out of 14

05 Dec 2012 Editorial Team

While considering 14 proposals for Foreign Direct Investment (FDI), the Foreign Investment Promotion Board (FIPB) approved only one proposal worth Rs 27.27 crore, the Finance Ministry said in a statement.

Of the remaining proposals, decision on six were deferred while seven other proposals were rejected. Decision of these 14 pending proposals was deferred at its earlier meeting, the Finance Ministry said in a statement.

Bhartiya Samruddhi Investments and Consulting Services proposal for induction of foreign equity worth Rs 27.27 crore has been approved. Proposals on which decision was deferred include that of Soma Tollways, Wire and Wireless (I), Brampton and Multi Screen Media.

Among the seven FDI applications that have been rejected by the FIPB include that of Deutsche Investments India (Mumbai), G4S Secure Solutions (India) (Delhi & Haryana) and Augere Wireless Broadband India.

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