VRL Logistics among 16 FDI proposals approved

New Delhi: The Government has cleared 16 proposals for foreign direct investment (FDI) worth about Rs 232.67 crore. These include proposals by VRL Logistics, CIIE Initiatives and Softgel Healthcare, Chennai.

The largest FDI proposal (Rs 175 crore) of Karnataka-based VRL Logistics is for transportation of goods and passengers, courier services other than postal services, aircraft charter services, and wind power generation, involving the installation and sale of electricity produced by wind power generators.

The approvals were based on the recommendations of Foreign Investment Promotion Board's meeting held on March 2, a Finance Ministry release said here on Thursday.

A total of 21 proposals were deferred. Among these are Mahindra and Mahindra's proposal to set up a joint venture to develop, manufacture and provide service support for radar systems and various kinds of defence electronic systems.

Another deferred proposal is from HSBC Insurance Services Holdings Ltd, London, for infusion of foreign investment into an Indian company that does not have any operations or downstream investments.

The deferred proposals also include Network 18 Media & Investment, YourNest Angel Fund Trust, Domino Printing Sciences Plc, UK, Advent Business Credit Development Company, Pune and Reed Elsevier India Pvt. Ltd.

Among the five proposals that were rejected was Bharti Shipyard's application to undertake additional defence production activity.

The next meeting of the FIPB is scheduled for March 30.