The Government has approved six foreign direct investment (FDI) proposals worth over Rs 732 crore based on the Foreign Investment Promotion Board’s recommendations. The two largest proposals notified by the Finance Ministry include Hyderabad-based Navayuga Road Projects’ plans to make downstream investments in its Special Purpose Companies worth Rs 357.60 crore and SIDBI Social Venture Trust’s submission to bring in foreign investment worth Rs 285 crore by allotting some units of the Fund.
The list also includes Malaysian airline AirAsia Investment’s proposal to invest Rs 80.98 crore in a joint venture company with Tata Group. All six proposals were approved by the FIPB, headed by Economic Affairs Secretary Arvind Mayaram, in its meeting on March 6.
Clearance was given to Bangalore-based Bharat Electronics’ proposal to set up a joint venture company worth Rs 2.5 crore to design, develop and market civilian and select defence radars for Indian and global markets.