NEW DELHI, Feb 23: The government has approved eight foreign investment proposals, including plans by L&T Infrastructure Development Projects and Welspun Renewables Energy, totalling Rs 1,024 crore (10.24 billion) .
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.
Welspun Renewables Energy received approval to issue equity shares equivalent to a 13.3 per cent stake to Asian Development Bank for Rs 310 crore ($50 million) and sell convertible debentures for Rs 220 crore ($35 million) to Deutsche Investitions - und Entwicklungsgesellschaft.
Cordlife Sciences India has been allowed to increase foreign equity participation up to 100 per cent and to issue convertible preference shares.
Yes Regulatory Healthcare Service, Rajoo Bausano Extrusion, Eurecat India Catalyst Services and ZF India have been allowed to go ahead with their investment plans.
The KKR Floorline proposal, which has been referred to the CCEA, relates to investments in Gland Pharma and Gland Celsus Bio Chemicals.
The government rejected three investment proposals, including that of Gastaad Hotels, and deferred decisions on four. - PTI