India okays Rs 10.24b FDI proposals

NEW DELHI, Feb 23 (PTI): The government of India has approved eight foreign investment proposals, including plans by L&T Infrastructure Development Projects and Welspun Renewables Energy, totalling Rs 1,024 crore.

The proposals were cleared following recommendations from the Foreign Investment Promotion Board (FIPB) headed by economic affairs secretary Arvind Mayaram, the finance ministry said.

The FIPB referred a proposal by Singapore-based KKR Floorline Investments to the Cabinet Committee on Economic Affairs (CCEA). Although the ministry did not mention an amount in this case, foreign investment proposals exceeding Rs 1,200 crore require the approval of the CCEA.

L&T infrastructure development projects got the go-ahead to allot securities to a wholly owned subsidiary of Singapore-based CCP Investment, entailing a foreign fund inflow of Rs 1,000 crore.