Govt Approves 20 FDI proposals, Singapore Airlines Gets Nod!
Government of India has approved 20 Foreign Direct Investment proposals amounting to Rs. 915.83 crore have been approved based on the recommendations given by Foreign Investment Promotion Board (FIPB) in their meeting held on Oct 24th.
Among all the proposals tabled, 20 were approved, 2 were deferred, 2 proposals were rejected and 1 proposal was advised to access the automatic route.
Some of the major proposals that got approved were:
Singapore Airlines, who will bring FDI of USD 49 million or 303.18 crore rupees to set up a join venture company in India with a ratio of 49: 51 percent share holding. The newly formed joint venture will be engaged in domestic and international full service scheduled passenger airlines services in the civil aviation sector in India.
M/s Intas Pharmaceuticals Ltd., who will bring FDI of Rs. 225 crore to issue fresh equity shares to eligible non-resident investors in a IPO and by an offer for sale by an existing foreign investor M/s Mozart Limited to carry out the business of pharmaceutical sector.
Religare Enterprises Ltd., who will bring FDI of USD 29 million or Rs. 179.43 crore to issue warrants to carry out the business of Investment Advisory Services and Financial Consultancy and to make holding investments in the NBFC Sector.
2 proposals that got rejected were:
FDI Proposal of Big India Malls Pvt. Ltd was rejected – They wanted to repatriate FDI by selling current undeveloped plots for lack of funding from their Indian shareholders.
FDI proposal of Indostar Capital Finance Pvt. Ltd. was rejected – They had proposed to set up a subsidiary company and sponsor a debt fund under SEBI (AIF) Regulations.
FIPB also recommended the proposal by MY Mobile Payment Ltd. to access available automatic FDI route. My Mobile wanted to bring in FDI to tune of Rs. 58.91 crore to carry out the business of mobile payment services in India.
The largest proposal on table of Rs. 1400 crore was by Kerala based Federal Bank. They were recommended for the consideration of Cabinet Committee on Economic Affairs (CCEA), as the investment involved was above Rs. 1200.00 crore.
See the entire recommendations of FIPB here.