The Centre has approved seven foreign direct investment (FDI) proposals, including ones by Kotak Mahindra Bank and Hathway Cable and Datacom Ltd, worth ₹981 crore.
Six proposals have been deferred, which include those by telecom company Sistema Shyam TelServices and Reliance Globalcom, Bermuda, according to a Finance Ministry release.
Kotak Mahindra Bank was given a go-ahead by the FIPB on July 3 for its proposal to increase FDI in the bank to 55 per cent.
The proposal, deferred a number of times before, was finally approved after the Department of Financial Services gave its nod.
Biggest proposal Hathway Cable and Datacom have proposed the biggest investment of ₹963 crore in the telecom and broadcast sector.
They will do so by increasing foreign investment limit for FIIs, and FPIs under the portfolio investment scheme, from 49 per cent of the issued and fully paid up share capital to 74 per cent, the release said.
Other proposals approved include ones by Celon Laboratories Limited in the pharmaceutical sector, Keppel Puravankara Development and Lalea Trading Ltd in the real estate sector, Cheetah Communications in the telecom sector and Destimoney Enterprises, an investing company.
Sistema Shyam’s proposal, deferred by the Government, seeks to increase FDI up to 100 per cent in the company and its downstream wholly-owned subsidiary, Shyam Internet Services Limited, both engaged in telecom sector, on account of conversion of redeemable preference shares into equity.