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The Government said it has approved 12 Foreign Direct Investment (FDI) proposals worth Rs 1,045.611 crore, including a Rs 529 crore proposal of Max India Ltd.

Max India’s proposal is for the allotment of fully and compulsorily convertible debentures (FCDs) by a wholly-owned indirect subsidiary of fund and certain affiliated funds which are controlled by NR company.

Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on February 12, the Government has approved these proposals, according to an official statement issued here.

The Kolkata-based Darjeeling Organic Tea Estates Rs 84 crore proposal for induction of foreign equity to undertake the production, distribution and export of tea has also been approved, besides Rs 25.87 crore plan of Mothercare UK Ltd to subscribe to the equity shares of an Indian company for retail trading under single brand.

Hyderabad-based Soma Highways (TOLL) Projects Pvt Ltd’s Rs 360 crore proposal for induction of foreign investment in an investing company and Rs 23.94 crore proposal of Network 18 Media & Investment Ltd were also approved.

Walt Disney Company (I) Pvt Ltd’s proposal to undertake additional activity of printing and publication of a speciality magazine has also received the Government’s approval.

However, the government has rejected seven FDI proposals and deferred 11, the statement said.

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