The Union Government on Wednesday approved the recommendations of the Foreign Investment Promotion Board (FIPB) clearing 29 FDI proposals worth Rs 6.16 billion. The companies, whose FDI proposals have been cleared, include AAPC Singapore, ABG Bulk Handling Poltrona Frau and some media and entertainment houses.

AAPC Singapore Pte. Ltd.'s would invest around Rs 3.65 billion in its India subsidiary in order to expand its presence in hospitality industry by developing, managing and acquiring reputed hotels in the country. It would subscribe equity/ fully convertible preference shares by investing up to 100% in its Indian arm.

ABG Bulk Handling is also planning to form an operating cum holding company investing around Rs 90 crore for further downstream business. Telcordia Technologies would also invest Rs 45 crore within couple of months in the country.

Cinema Capital Ventures Fund would invest Rs 500 million as foreign investment to promote the media and entertainment (M&E) sector in India. Hyderabad-based Astra Microwave Products Ltd. has also been allowed to inject 26 per cent FDI to support its licensed defense items manufacturing.

Meanwhile, the government has deferred FDI proposal by John Deere Construction, BNP Paribas Securities Services, Unitech, Thales Avionics, Yamaha Motor India, Quippo Telecom Infrastructure Ltd., Tanla Solutions Ltd. and Hiranandani Realtors Pvt. Ltd.