Chennai, Dec 14 (IANS) India’s Foreign Investment Promotion Board (FIPB) has approved eight foreign direct investment (FDI) proposals totalling around Rs.883 crore (Rs.8.83 bn/over $195 mn approx), a government release said Tuesday.
A major chuck of the investment proposal approved belongs to L&T Finance Holdings Ltd’s proposal for FDI totalling around Rs.641 crore (Rs.6.41 billion), according to the statement.
The FIPB also approved Konecranes Finance Corporation proposal for induction of foreign equity in a company engaged in financing, investment and consultancy activities in the field of manufacture of cranes.
The FIPB also approved Tata Advanced Systems Ltd’s proposal for Rs.42.82 crore foreign equity to get into defence manufacturing activity and courier company Elbee Express to increase foreign equity participation to the tune of Rs.27.22 crore.
It deferred 14 FDI proposals including Intel Capital Corporation, USA, ABG Shipyard Ltd, Hindalco Industries Ltd, Lakshmi Machine Works Ltd, Verizon Communications, Essar Capital Holdings and others.
