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Govt approves FDI proposals worth Rs 1,277 crore

The government has cleared 31 foreign direct investment (FDI) proposals worth Rs 1,277.23 crore of firms such as Morgan Stanley Financial Services, Keystone Realtors and Ramky Enviro Engineers.

“The proposals relate to ministries or departments of commerce, economic affairs, telecommunication, urban development, civil aviation, industrial policy and promotion, post and information and broadcasting,” an official statement said in New Delhi on Wednesday.

The largest investment proposals have come from Ramky Enviro Engineers and Keystone Realtors, which intend to invest Rs 320 crore and Rs 300 crore, respectively.

Both plan to convert their operating companies into operating-cum-holding ones to make further downstream investment.

Mumbai-based CMS Computers will invest Rs 190 crore in converting the operating company into an operating-cum-holding company.

Besides, Morgan Stanley Financial Services has proposed Rs 100 crore investment in the Industrial Policy and Promotion sector.

Rama Cylinders’ proposal to invest about Rs 84 crore was cleared. It would issue and allot fully funded or paid warrants.

Three proposals worth Rs 16,000 crore including two by Japan’s NTT Docomo and one by New Delhi-based Orange Realty have been recommended for the consideration of the Cabinet Committee on Economic Affairs (CCEA) as these involve investments of more than Rs 600 crore.

A total of 17 proposals have been deferred including those by Mahindra, Broadband and JT International.

Four proposals of RBS Credit and Financial, Vatika Ltd, GSR Sugars and Meta Telecom were rejected.

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Govt approves FDI proposals worth Rs 1,277 crore

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