Govt clears 16 FDI proposals, revoke approvals for Bycell | business | Hindustan Times
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Govt clears 16 FDI proposals, revoke approvals for Bycell

business Updated: Jul 17, 2009 19:21 IST

PTI
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The Government on Friday cleared 16 foreign direct investment proposals worth Rs 892 crore, most of which will be for a hydro power project in Sikkim.

The Government, however, revoked all foreign collaboration approvals for ByCell Telecom on concerns over the Switzerland registered company's funding sources.

On the recommendations of the Foreign Investment Promotion Board (FIPB), the Government also deferred 13 proposals, including that of Vijay Mallya-promoted United Breweries request to raise Rs 708 crore through convertible warrants, and rejected two cases.

Among cleared proposals, Teesta Urja will bring in Rs 547.20 crore for developing 1,200-MW hydro power project in Sikkim.

The Government also allowed IL&FS Trust Company to hold two per cent stake in Multi Commodity Exchange of India, that will bring in Rs 108 crore of FDI.