The government on Thursday cleared 14 foreign direct investment (FDI) proposals worth over Rs 1,257 crore, including that of Mauritius-based Essar Telecom Holdings Ltd to induct equity worth Rs 500 crore into an Indian venture, and Rs 200 crore fresh investments by Goldman Sachs Asset Management.
The funds from Essar Telecom Holdings will be used to mop up 100% equity in a group firm engaged IP telephony infrastructure. Goldman Sachs will set up an asset management company in non-banking financial services, including investment advisory, asset management services and portfolio management services.
The FDI proposals cleared by the government also included a Rs 480-crore plan by Greenko Mauritius to convert its operating company Balaji Biomass Power Pvt Ltd into an operating-cum-holding firm for downstream investments in power projects. The FDI proposals were cleared by finance minister P Chidambaram on the recommendation of FIPB.
FIPB deferred six proposals, including that of Millennium India Acquisition Company Inc of the US.