Govt clears 16 FDI proposals worth Rs. 4,722 cr
The government on Thursday approved 16 Foreign Direct Investment (FDI) proposals worth about Rs. 4,722 crore. It deferred six proposals and rejected eight, while one proposal, it said, didn’t lie before the FIPB. “Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on 29th September 2015, the government has approved 16 (sixteen) proposals of Foreign Direct Investment amounting to Rs.4,722 crore.” Ministry of Finance said in a statement. Companies whose FDI proposals were approved included IVF Trustee — seeking approval for the proposed investments by Indium V and Cayman Fund in units of IVF V worth Rs.608 crore— and Aegon Religare Life Insurance Ltd, which had asked permission for the transfer of its shares held by Bennett, Coleman & Co. Ltd. to Aegon worth Rs.559.96 crore. HDFC Capital Advisors Ltd. had sought approval for issuing its units to Green Light Trust. With this transaction, HDFC looks to invest in equity, equity linked instruments, redeemable preference shares, non-convertible debentures and other debt securities to companies involved in real estate construction. The approval was worth Rs. 2,400 crore. Drug major Sun Pharma Research Advanced Company Ltd. had sought a Rs.200-crore approval for offering, issuing and allotting equity shares to FIIs, FPIs, NRIs and OCBs, pursuant to the Proposed Rights Issue. FDI proposals for MMI Strategic Investments Ltd. – seeking 49% foreign investment in an Indian health insurance company worth Rs.196 crores and Energy City Navi Mumbai Holding Co. – for transfer of equity shares in Valuable Properties Pvt. Ltd. worth Rs. 139 crore were also approved by the government. The government deferred six FDI proposals; they included Reliance Globalcom Ltd. (Bermuda), Serap India Pvt. Ltd., Sharekhan Ltd. and BF Elbit Advanced Systems Pvt. Ltd. The eight rejected proposals included those of Apollo Hospitals Enterprise Ltd., Vadatech India Pvt. Ltd., Menon Bearings Ltd., Cipla Health Ltd., DW Animation Ireland Ltd. (Ireland) and Meshlabs Software Pvt. Ltd.
October 30, 2015 | 1:19pm IST.
to success.