Zooropa Foods’ Rs 100 crore foreign direct investment proposal has been cleared by the Government on Tuesday, along with seven other such investments.
The approvals were given based on the Foreign Investment Promotion Board recommendations from its June 1 meeting.
A green signal has also been given to Sesa Goa for “transfer of shares by way of share swap” for the exploring, mining, winning, importing, and exporting of earth and ores of all types. Other approvals have been granted to K-Tron Asia, EHL Eastern Holdings, APF II India Investments, JT International, Techno Relief Overseas and Gajraj Commercial.
Meanwhile, Shriram Financial Ventures’ Rs 2,000 crore foreign equity induction (for downstream investment) has been referred to the CCEA for consideration. This is because the investment above the Rs 1,200 crore ceiling.
Eight FDI proposals have also been deferred, while a similar number have been rejected. The proposals deferred include Mahindra and Mahindra’s new joint venture with US-based Telephonics to develop, manufacture and provide service support for radar systems and defence electronic systems.
Three more proposals have been advised to take the automatic route for investment, while two FDI proposals were withdrawn from the agenda.