Finance Minister P Chidambaram, while approving 18 Foreign Direct Investment proposals recommended by Foreign Investment Promotion Board (FIPB) in its meeting held on May 9, has recommended DLF Limitless Developers Private Limited’s proposal to be deferred.
DLF had proposed to allow issue of shares in lieu of pre-incorporation expenses.
The minister has also recommended deferring Pepsico India Holding Pvt. Ltd’s proposal for deletion of divestment condition-extension of time for affecting the same.
However, about 18 proposals have been approved and they amount to Rs 1,820.84 crore. The proposals are related to ministries/departments, namely heavy industry, higher education, industrial policy & promotion, information & broadcasting, information technology, telecommunications, tourism and economic affairs. the major investment proposals pertain to the ministries/departments of heavy industry, higher education, information & broadcasting, industrial policy & promotion and economic Affairs.