Oct. 22, 2009 (The Hindu Business Line) --
New Delhi, Oct. 22
The Foreign Investment Promotion Board (FIPB) has deferred a decision on Jet Airways’ proposal to raise up to $400 million through a qualified institutional placement (QIP) issue from foreign institutional investors (FIIs).
The application had come up for discussion at the October 9 meeting of the FIPB where Ministry of Civil Aviation sought a deferment, according to sources.
ByCell proposal
In all, the FIPB has cleared 26 FDI proposals worth about Rs 1,360.52 crore but rejected a contentious proposal of ByCell Telecom to start mobile services in India. The company had earlier got approvals to offer mobile services in various circles such as Assam, Bihar, Orissa, West Bengal and North East.
The FIPB, in May recommended revocation of all foreign collaboration approval to the company for obtaining a telecom licence to start mobile services.
Apart from ByCell, FIPB has turned down three other proposals including Sahajanand Medical Technologies and Sun Technics Energy Systems.
It has cleared Rs 576 crore proposal of Capricorn Hospitality Services pertaining to induction of foreign investment up to 49 per cent of the equity share capital to make downstream investments, either directly or through other investment companies.
Another large FDI proposal that got green signal from the FIPB is that of Indus Renewable Energy India. Indus plans to make downstream investments in operating and/or operating-cum-investing companies engaged in the hydroelectric power sector; the FDI involved is Rs 500 crore.
Other major approved proposals included Sadbhav Engineering (OOTC:SBVEF) (Rs 125 crore FDI), the US-based RPM International (NYSE:RPM) (Rs 57.60 crore), Mumbai-based Dawnay Day AV India Advisors (Rs 30 crore), and Bangalore’s Futuristic Diagnostic Imaging Centre (Rs 25.94 crore).
