In addition, the proposal of Swedish furniture major IKEA has been recommended for consideration of Cabinet Committee on Economic Affairs, it said. Even after FIPB clearance, FDI proposals of over Rs 1,200 crore have to be approved by the CCEA.
Ingka Holding Overseas has been given permission to set up a wholly owned subsidiary to undertake single brand retailing of IKEA products.
As per the statement, Ratnakar Bank's proposal to increase foreign equity in the bank from 43 per cent to 55 per cent has been approved. The move is likely to bring in Rs 300 crore worth of FDI.
Taqa Jyoti Energy Ventures has also got the government's approval to bring in foreign investment of Rs 252 crore.
Other major approved proposals include that of Hyderabad based Mylan Laboratories to acquire an existing pharmaceutical manufacturing facility and of OCS Group Singapore Pte Ltd for acquisition of equity shares of an India company engaged in business of detective and protective services.
Mahindra and Mahindra Limited had sought FIPB's nod to to set up a new joint venture with Rafael Advanced Defence System for production and development of naval defence system and other products.
The ministry said along with M&M, FDI proposals of Coimbatore-based Ampo Valves India and Mumbai-based Berggruen Real Estates too have been rejected.
Meanwhile, MCX's application for post facto approval for FDI received before issuance of DIPP's Press Note 2 of 2008 on guidelines for foreign investment in commodity exchanges was withdrawn from the FIPB's agenda, the ministry added.
Also, decision on nine FDI proposals was deferred in the November 20 meeting of the FIPB. (Times of India)
