Govt okays Rs4,551 crore of foreign investment plans

Govt okays Rs4,551 crore of foreign investment plans

New Delhi: India said on Tuesday it approved 17 foreign direct investment (FDI) proposals worth Rs4,551 crore ($984 million), but rejected a tie-up between Europe’s EADS and India’s top engineering firm Larsen & Toubro.

The statement issued by the Foreign Investment Promotion Board (FIPB), the nodal agency that clears foreign investment proposals, gave no reason for the rejection to set up a manufacturing joint venture for defence equipment by the firms.

The government approved plans by the local telecom arm of Russia’s Sistema to receive Rs3,051 crore as foreign investment, the statement said.

The agency has sought the cabinet committee approval for Alstrom’s proposal to set up a joint-venture company with a foreign investment of Rs490 crore, as the project cost exceeded a regulatory limit of Rs600 crore.

Pepsico Inc’s plans to infuse Rs928 crore of foreign equity to its India arm was also referred to the cabinet committee, the statement added.