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The Foreign Investment Promotion Board (FIPB) has cleared four foreign direct investment (FDI) proposals, including ones made by HDFC Standard Life Insurance and Firefly Networks Ltd, worth about ₹1,810 crore.
Of the four proposals, HDFC Standard Life alone accounted for FDI worth ₹1,700 crore, an official who attended the meeting said.
The company had approached the FIPB for transfer of its shares currently held by HDFC to Standard Life (Mauritius Holdings) 2006 Ltd, thereby increasing foreign shareholding in insurance joint venture from 26 per cent to 35 per cent.
FireFly Networks Ltd had sought approval of the existing foreign investment (50 per cent indirect) and to permit commencement of activities as a Telecom Infrastructure Provider Category-I.
The proposal does not entail any new FDI.
Software is Correct, lnc, too, got a nod for its FDI proposal.
Of the nine proposals taken up by FIPB, headed by the Economic Affairs Secretary, four were deferred and one was withdrawn.
The four deferred proposals include ones from Aviva Life, Tata Sikorsky, Sharekhan Ltd and Quantum Simulators Pvt Ltd. The proposal from SunE Solar BV was withdrawn as it came under the automatic route.
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