The government cleared 12 FDI proposals worth Rs 242.88 crore, including one from Indian Rotorcraft to carry out the assembly of both military and civil helicopters. The Foreign Investment Promotion Board (FIPB), however, deferred decisions on 15 FDI proposals and rejected seven applications.
Indian Rotorcraft had sought permission to induct foreign equity to carry out the business of final assembly of both military and civil versions of helicopters. The proposal, if implemented, would attract Rs 17.42 crore in FDI. Also approved was an Allcargo Global Logistics' proposal for FDI worth Rs 141.36 crore. The company had sought ex-post facto approval for the issuance and allotment of optionally convertible warrants to raise funds for setting up multi-modal transport operations and inland container depot/container freight stations as part of its logistics business. Gujarat-based Checkmate Services had sought the government's permission for induction of foreign equity in its private security services business. The proposal is worth Rs 66 crore.
Besides, the board deferred a decision on Bangladesh-based Rahimafrooz Batteries' proposal to set up a wholly-owned subsidiary to undertake the import and wholesale distribution of batteries and provide services in India. A decision on Vodafone Essar's request to transfer shares from a resident to a non-resident to carry out activities relating to its telecommunications business was deferred. The proposals that were rejected include those of Jadoli Systems (Bangalore) and AOS Holding India SAS France.