Monday, June 03, 2013: This Friday, the central government cleared eight FDI proposals amounting to Rs 6960 million. These included investment firms like ACME Solar Energy, McKinsey and Company and GETIT Infoservices among others. The proposal for the ACME Solar Energy itself is worth Rs 2750 million and was approved by the Foreign Investment Promotion Board (FIPB). This was revealed by the finance ministry spokesperson.
Apart from ACME, GETIIT Infoservices is interested to invest around Rs 2160 million in publishing business and seems to be a great opportunity for the nationals. The FIPB also approved GeoPost SA, a French parcel delivery and commercial express business to set up its proceedings in India. It had acquired shares worth around Rs 1790 million. The meeting on which the proposals were decided upon was held on 12 April and was headed by Arvind Mayaram, the secretary for Economic Affairs. Out of all, 8 proposals were deferred in the meeting and three more were rejected.
Another approval came for McKinsey and Company, which wants to set up a LLP in management consultancy services and entails a total of Rs 9.9 million of foreign investment. Other approved proposals included that of DPD Continental Limited (a courier company), AWS Truepower and Pilot Ventures Media. Another proposal from Tata Advanced Materials was not found to be within the jurisdiction of the FIPB. The company is largely related to defense related manufacturing and had already sought shares on portfolio basis.
The proposals that were deferred by the FIPB included Telenor Mobile Communication, a Norway based company. Rejected proposals included Triton Hotel, Karuturi Global and Sunil Hitch. Decision for the Huburt Media Pvt. Ltd. and Bay Capital Investment from Mauritius will be communicated separately.
