New Delhi, Sep 3 (Inditop.com) The government Thursday approved eight foreign investment proposals amounting to Rs.1.31 crore, while deferring decision on seven others and rejecting another.
Among the approved proposals, only two have fresh investment inflows: Rs.1.28 crore by telecom equipment manufacturer Tecnotree Convergence, and Rs.300,000 by power equipment maker Powermax Communications, according to data released by the Foreign Investment Promotion Board (FIPB).
The government also put on hold the investment proposals of seven companies, including ByCell Telecommunication, about which the home ministry has raised security concerns.
ByCell, founded by a group of Russian businessmen, was to hold 74 percent in an Indian telecom company set up in partnership with Hyderabad-based Jayalakshmi Group.
It had received approval to begin operations in 13 circles including Assam, Bihar, north-eastern states, Orissa and West Bengal.
However, the government revoked all foreign collaboration approvals given to ByCell after the home ministry withdrew security clearance to the firm, citing concerns regarding the original source of its investment.
An investment proposal from Norwegian telecom player Telenor to increase its holding in its Indian subsidiary Unitech Wireless to 67.25 percent has been referred to the Cabinet Committee on Economic Affairs as the amount is more than Rs.600 crore.
Telenor will pump in Rs.3,740 crore to hike its stake from the existing 49 percent.
