Govt clears FDI proposals worth Rs. 5,240 crore
The government on Friday cleared seven Foreign Direct Investment (FDI) proposals amounting to ₹5,240.35 crore, deferring four and rejecting five. Approval for the largest amount of FDI was given to India Advantage Fund S4 I, a SEBI registered Alternate Investment Fund, which sought permission to accept contributions up to ₹2,950 crore from offshore investors. The firm had sought the fund for investments in securities of the Indian companies in which FDI is permitted. It had also sought permission to distribute income realized on its investment to the offshore investors under the automatic route. The next higher FDI proposal approved was of Paragon Partners Growth Fund (Rs.985 crore), which sought acceptance for contributions amounting to 80% of the fund corpus from their non-resident investors. L&T Finance Holdings Limited (Rs. 707 crore), Extramarks Education India Private Limited (Rs.403.15 crore), Agio Image Limited (Rs.75 crore) and Menterra Venture Advisors Private Limited (Rs.21.2 crore) were the other approved proposals that covered sectors like finance services, publication and core investments. While seven were approved, four proposals were deferred for the later period and five were rejected. The sectors that were covered under the deferred proposals included non- banking financial company (NBFC), ground handling services, limited liability partnership (LLP), and IT/ITES. Rejected proposals were related to LLP, NBFC and telecom sectors. The fresh approvals came on the basis of recommendations sent by the Foreign Investment Promotion Board (FIPB) after its meeting held on November 9.
December 12, 2015 | 03:30pm IST
to success.