Govt clears 11 FDI proposals worth Rs. 1,568 crore
The government on Thursday approved 11 foreign direct investments (FDI) proposals worth Rs.1,567.91 crore. It also recommended two proposals for consideration of Cabinet Committee on Economic Affairs. “Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on 11th September 2015, government has approved 11 proposals of Foreign Direct Investment amounting to Rs. 1,567.91 crore,” Ministry of Finance said in a statement. The two proposals of Sistema Shyam TeleServices Ltd. involving investment of Rs. 10,000 crore, and IIFL Holdings Ltd. involving an FDI of Rs. 3201.5 crore, were recommended for cabinet’s consideration. “The total FDI Inflow in the cases recommended for approval is Rs.14,769.41 crore out of which two proposals with a total FDI of Rs.13,201.5 crore have been recommended for consideration of the Cabinet Committee on Economic Affairs,” the Finance Ministry said. Companies whose FDI applications were approved include Amar Ujala Publications Ltd., Eros International Media Ltd., Bhurani Enterprises LLP, O-zone Networks Pvt. Ltd. and New India Biopharma Ltd. Amar Ujala Publications Ltd. had sought approval for foreign shareholders in the company up to 26% worth Rs.50 crores, while Eros International Media Ltd. had sought approval for setting up a Limited Liability Partnership (LLP) worth Rs.49.9 lakh. The government deferred six FDI proposals. These applications were related to ii5 Technologies Pvt. Ltd., Reliance Globalcom Ltd. (Bermuda), Indian Herbs Specialties Pvt. Ltd. and FireFly Networks Ltd. FireFly Networks Ltd. had sought approval of the existing foreign investment and to permit commencement of activities as a Telecom Infrastructure Provider Category-I (IP1). Four FDI proposals were rejected. They were Mantri Developers Pvt. Ltd., Almondz Insurance Brokers Pvt. Ltd., Bean Media Group Pvt. Ltd. and Sterling Fabory India Pvt. Ltd. Bean Media Group Pvt. Ltd. had sought approval to set up a wholly owned subsidiary in India to be engaged in the publishing of specialty magazine.
October 09, 2015 | 3:04pm IST.
to success.