Government clears seven FDI proposals in telecom, broadcasting, real estate, pharma, banking sectors worth Rs 981 crore (US$ 153 million)

New Delhi: The Finance Ministry has cleared seven foreign direct investment (FDI) proposals worth Rs 981.15 crore (US$ 153.3 million), which include major telecom and broadcasting sector proposals. Hathway Cable and Data Com Ltd has received approvals for increasing foreign investment limit for FIIs and FPIs from 49 per cent to 74 per cent, which is expected to lead to FDI of Rs 963 crore (US$ 150.5 million). Hyderabad-based Celon Laboratories has received permission for downstream investment estimated at Rs 16 crore (US$ 2.5 million) in a brown field pharma company. Cyprus-based Lalea Trading has been granted permission for repatriation of investment which will lead to FDI outflow of about Rs 23.27 crore (US$ 3.6 million).                   

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