The Government has approved 25 foreign direct investment (FDI) proposals worth Rs 2,973.40 crore including that of AIF III Mauritius.
AIF III Sub Pvt Ltd's proposal to bring in FDI worth Rs 1,000 crore has been approved. The Mauritius-based firm proposes to induct foreign investment in the units of a Fund constituted as a Trust.
The other key proposals included Microqual Techno Ltd's Rs 522.90-crore plan to increase foreign equity to carry out the business of wireless telecommunication.
The applications were cleared after recommendations of the Foreign Investment Promotion Board (FIPB) headed by the Economic Affairs Secretary, Mr R. Gopalan, the Finance Ministry said on Tuesday.
The proposal of Mauritius-based Mozart for infusion of foreign investment in an existing company in the pharmaceuticals sector (brownfield investments) was also been approved. The company has proposed to bring in investment worth Rs 300 crore.
Other proposals which have been approved are those of Genworth Financial Mortgage Guaranty India (Rs 124 crore), Plethico Pharmaceuticals, Mumbai (Rs 500 crore) and Kintetsu World Express (India), Karnataka (Rs 267.69 crore).
Thirteen proposals, including that of Fabindia Overseas, were deferred while eight proposals were rejected.
Among proposals which were rejected are Budenheim India, New Delhi; Hey House Publishers (I) and Growing Opportunity Finance (India), Chennai.
The next meeting of FIPB is scheduled to be held on Friday.
India allows FDI in most of the sectors through automatic route, but FIPB approval is required in certain sensitive sectors, like telecom.