Govt. approves six FDI proposals worth Rs.1810.25 crore
The government rejected FDI proposal of Volkswagen Finance Pvt. Ltd. who sought approval for investment in Indian government treasury bills, government securities, liquid mutual funds and high quality corporate debt securitiesThe government on Wednesday approved six more foreign direct investment (FDI) proposals, including those of manufacturing and pharma industries, amounting to Rs.1810.25 crore. “Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its 226th meeting held on October 30, 2015, the government has approved six proposals of Foreign Direct Investment (FDI) amounting to Rs.1810.25 crore,” Ministry of Finance said in a statement. Companies whose FDI proposals were approved included IIFL Holdings Ltd. - for increasing the foreign equity from 50.16% to 80% by way of issuing shares to FIIs worth Rs.608 crore and Sharekhan Ltd., which sought approval for carrying on the commodities brokerage business through subsidiary and the depository services. FDI proposals of two manufacturing companies - Agile Electric Sub Assembly Pvt. Ltd. and Serap India Pvt. Ltd., were also approved. The government rejected FDI proposal of Volkswagen Finance Pvt. Ltd. who sought approval for investment in Indian government treasury bills, government securities, liquid mutual funds and high quality corporate debt securities. This is yet another move by the government to give a positive signal to foreign investors, but more importantly to strengthen domestic business environment and attract foreign investments.[/sociallocker]
November 18, 2015 |5:09pm IST
to success.