The government has approved 18 foreign direct investment (FDI) proposals that will bring in Rs 1,553 crore, including Rs 560 crore by Essar Capital. The Foreign Investment Paromotion Board (FIPB) approved the proposals at a meeting held on March 7.

Essar Capital will acquire the status of holding company for downstream investments in India, said a statement issued here by the finance ministry. Cyprus-based commercial lending company Melbrook Ltd would bring in an FDI of Rs 125 crore and change its status from operating company to operating-cum-holding company.

Kolkata-based company Bharat Connect has also got an approval for bringing in Rs 250 crore through change in the status of operating company into operating-cum-holding-company to make downstream investments in NBFC companies.

Redington India will bring in Rs 195 crore by way of foreign equity
through a holding company. JSW Energy will pump in FDI worth Rs 63.23 crore in a holding company through an IPO. French insurance company Societe Beaujjon has got the approval to pump in Rs 191 crore in Indian insurance company.

The government has, however, rejected four FDI proposals. These were from Red Fort India Realty Fund, Azorim International Holdings, Wadhwa Associates Realtors and Xcel Telecom.

Seven proposals have been deferred, including those from Singapore-based Singtel Australia Pte Ltd, and KNOB Holding Pte Ltd. Single’s proposal was to set up long distance telephony services.

Besides, two SDI proposals have been recommended for consideration of the Cabinet Committee for Economic Affairs. These were from China-based Raking Developers PVC and Gam SPA from Cayman Islands.