The government has approved 17 foreign direct investment (FDI) proposals worth Rs 4,551 crore, including that of the Federal Agency for State Property Management of the Russian Federation to buy 20 per cent stake in telecom service provider Sistema-Shyam for Rs 3,051 crore.
PepsiCo's proposal for infusion of Rs 928-crore equity into its Indian subsidiary has been referred to the Cabinet Committee on Economic Affairs (CCEA), since all proposals involving more than Rs 600-crore FDI have to be referred to CCEA. The proposal of France-based Alstom Power Holdings', Alstom Power and Switzerland-based Alstom Technology to establish two joint venture companies in India, with 51 per cent equity in one company and 49 per cent in another, has also been referred to CCEA.
Other cleared proposals include those of Delhi-based Scorpios Beverages' which would involve Rs 533.33-crore FDI and AG Mercantile to bring in Rs 329.53 crore. Besides, the proposal of Telecom Investments India for Rs 380-crore FDI was also approved.