Govt clears 26 FDI proposals, rejects ByCell's plan | india | Hindustan Times
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Govt clears 26 FDI proposals, rejects ByCell's plan

india Updated: Oct 22, 2009 20:32 IST
PTI
Govt clears

The government has cleared 26 proposals that are likely to bring in foreign direct investment of Rs 1,360 crore, but deferred a Jet Airways plan to raise funds and rejected on security grounds a proposal of the Swiss ByCell Telecom to start mobile services in India.

Of the approved proposals, the major chunk of FDI amounting to over Rs 1,000 crore would be coming into the health and power sectors, an official release said today.

Delhi-based Capricorn Hospitality Services is likely to bring FDI of Rs 576 crore as overseas equity investment of up to 49 per cent in the company. It plans to make downstream investments either directly or through investment companies.

The other large FDI proposal that has been approved is from Hyderabad-based Indus Renewable Energy India.

Indus plans to make downstream investments in operating and/or operating-cum-investing companies engaged in the hydroelectric power sector with an FDI of Rs 500 crore.

However, the government, on the recommendations of the Foreign Investment Promotion Board, rejected four FDI plans, including an application of Swiss firm ByCell Telecom to start mobile services in India on security grounds.

Lack of clarity on its sources of funding is believed to be the main reason behind the rejection.

The company had earlier got approvals to offer mobile services in five circles –– Assam, Bihar, Orissa, West Bengal and North East.