The Centre has approved 18 proposals for foreign direct investment amounting to Rs 122.79 crore, including Rs 81.62 crore by the Pipavav Defence and Offshore Engineering Company.

However, it has deferred a decision on Vodafone Essar Ltd's proposal regarding transfer of shares from a resident to a non-resident to carry out activities relating to telecommunications. According to reports, Vodafone International's indirect subsidiary, the Mauritius-based Prime Metals, had sought FIPB permission to acquire 5.48 per cent stake in Vodafone Essar.

The Foreign Investment Promotion Board took up 39 FDI proposals, of which it has deferred 16, rejected four and directed one applicant to approach the Reserve Bank, according to a Finance Ministry statement on Wednesday.

Among the proposals cleared includes the proposal of Air Works India (Engineering) Pvt Ltd for FDI of Rs 17.77 crore to make downstream investments in companies in India, engaged in the aviation services business.

Besides, the proposal of Walt Disney Company to undertake the additional activity of broadcasting and down-linking was also approved. The Government also permitted Dish TV India Ltd to induct foreign equity through a transfer of shares to carry out the business of telecommunication equipment manufacturing and marketing of ‘agrani' services in the area of Mobile Satellite Communications.

The Government deferred the proposal of Essar Capital Holdings (India) to acquire equity shares by way of subscription to new equity shares or purchase of existing shares in an investing company engaged in the telecom sector.

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