FIPB clears 4 FDI proposals worth Rs. 1,810 crore.

The Foreign Investment Promotion Board (FIPB) recently cleared four FDI proposals, including that of HDFC Standard Life Insurance, totalling about Rs 1,810 crore.

The other proposals which were cleared include that of Firefly Networks Ltd. and Software is Correct, lnc, a Finance Ministry official said.

HDFC Standard Life had approached the FIPB for transfer of its shares currently held by HDFC to Standard Life (Mauritius Holdings) 2006 Ltd., thereby increasing foreign shareholding in insurance JV from 26 per cent to 35 per cent.

'The proposal of HDFC Standard Life would entail foreign investment of Rs. 1,700 crore,' the official added.

FireFly Networks Ltd. had sought approval of the existing foreign investment (50 per cent indirect) and to permit commencement of activities as a Telecom Infrastructure Provider Category-I. The proposal does not entail any new FDI.

The total FDI inflow from the four proposals which were cleared would be about Rs. 1,810 crore, the official added.

ET