The Foreign Investment Promotion Board (FIPB), the nodal body for clearing foreign direct investment proposals, has rejected a proposal by Red Fort India Realty Fund (Trust), a registered venture capital fund for real estate investments, to bring in investments from offshore corporate entities owned by non-resident Indians. The FIPB, at its meeting held on March 7, 2008, also deferred a proposal by Singtel Australia Holding to set up a joint venture company with foreign equity up to 74 per cent for offering telecom services. This proposal attracts Press Note 1 of 2005 series as SingTel has a joint venture with Bharti Tele-Ventures. Finance Minister P Chidambaram has approved 18 foreign direct investment proposals amounting to Rs 1,553 crore, based on the FIPB’s recommendations.   more »