Press Trust of India . New Delhi

Government Saturday announced it has approved 18 foreign direct investment proposals that will bring in Rs 1,553.26 crore, including Rs 560 crore by Essar Capital Limited.

The finance ministry approved the proposals at a meeting held on March 7.

Among the approved proposals, Essar Capital Limited would invest Rs 560 crore to acquire the status of holding company for downstream investments. Cyprus-based Melbrook Ltd would bring in an FDI of Rs 125 crore for changing its status from operating company to operating cum holding company.

Redington India Limited would bring in Rs 195 crore by way of foreign equity by holding company, while Ortel Communications would effect a compulsory convertible for Rs 60 crore.

JSW Energy would induct FDI of Rs 63.23 crore in a holding company through IPO. The government has, however, rejected four FDI proposals. These were from Red Fort India Realty Fund, Azorim International Holdings Ltd, Wadhwa Associates Realtors and Xcel Telecom Pvt Ltd.

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

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