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Government okays 14 FDI proposals worth Rs.1,584 crore

By IANS - NEW DELHI

24th July 2012 08:49 PM

The government Tuesday announced it has approved 14 proposals of foreign direct investment (FDI) worth Rs.1,584.11 crore. Majority of the money flow will be in financial services.

The overseas investment proposals have been approved on the of the Foreign Investment Promotion Board (FIPB).

Rs.674 crore overseas investment is approved in Abhijeet Power Limited of Maharashtra. The approval is for induction of foreign equity in an investing company to make downstream investment.

Pune-based Bajaj Finserv Limited has got approval to raise Rs.100 crore. The company will issue and allot equity shares to carry out the business relating to non-banking financial company (NBFC) activities directly and through subsidiaries under rights issue.

The government has rejected seven proposals while the decision on 15 proposals have been deferred.

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