India okays 18 FDI proposals

Friday, 19 August 2011 05:11 - - {{hitsCtrl.values.hits}}

New Delhi (IANS): The government Wednesday said it has approved 18 foreign direct investment (FDI) proposals worth Rs.122.79 crore but deferred 16 proposals, including the sale of stake by Essar to Vodafone.

The major monetary inflow includes a Rs.81.62 crore investment proposal by Pipavav Defence and Offshore Engineering Company in shipbuilding and ship repairs and Rs.17.77 crore investment by Air Works India (Engineering) Private Ltd, the finance ministry said in a statement.

The Foreign Investment Promotion Board, in its meeting held Aug 5, also okayed Disney Company India Private Ltd's proposal for additional activity of broadcasting and downlinking in the country.

A total of 39 proposals were considered, of which 18 were approved, four were rejected and a decision on 16 was deferred, while one firm has been directed to approach the Reserve Bank of India for final approval.