New Delhi: The finance ministry on Friday said it has cleared four proposals, including that of AMP Solar India, entailing foreign direct investment of Rs503.40 crore in the last two months. “During the period 1 July, 2017 to 31August, 2017, the Department of Economic Affairs (DEA) has disposed of six FDI proposals aggregating to foreign investment of Rs503.40 crore," the finance ministry said in a statement.

AMP Solar India Pvt Ltd alone will bring investment of Rs500 crore. Besides, proposals of Aditya Birla Capital Ltd, Firstspace Development Management Pvt Ltd were also cleared by the department. One proposal of CVC Asia of entailing investment of Rs3.32 crore got approval. CVC Asia plans to set up an investment advisory entity exempt from registration with Sebi.

Indus Way Emerging Markets withdrew its proposal, it said. The foreign direct investment into the country grew 9% to $43.47 billion in 2016-17. The Union Cabinet in May decided to abolish the Foreign Investment Promotion Board (FIPB) -- an advisory body comprising of secretaries to various departments for vetting of foreign direct investment (FDI) applications and making recommendations to the government.

It was decided that the approvals would be handled independently by administrative ministries of different sectors. The FIPB was set up after India embarked on its first market reforms in 1991. It was initially constituted under the Prime Minister’s Office and subsequently shifted under the Department of Economic Affairs in the Ministry of Finance. The government officially abolished the FIPB in June.