Govt clears 13 FDI proposals worth Rs 1,258 crore
PTI New Delhi
Last Updated: October 28, 2013 | 00:00 IST
The government on Monday cleared 13 foreign direct investment (FDI) proposals, totalling Rs 1,258 crore,
and referred Axis Bank's proposal for increasing foreign equity
amounting to about Rs 6,266 crore for consideration of the Cabinet.
"Based on the recommendations of Foreign Investment Promotion Board (FIPB)... Government has approved 13 Proposals of foreign direct investment amounting to Rs 1258.53 crore approximately," the Finance Ministry said.
FIPB, in its September 19 meeting, had also deferred decision on 8 FDI applications while two were rejected, it said.
Among major proposals that have been approved include Shantha Biotechnics (Rs 755 crore), Equitas Holdings (Rs 222.8 crore) and Stork Titanium (Rs 156 crore).
Shantha Biotechnics has been given permission to buy out the shares held by NRIs and Indian residents and to infuse fresh equity investment.
The finance ministry further said the proposal of private sector lender Axis Bank, amounting to Rs 6,265.76 crore has been recommended for consideration of Cabinet Committee on Economic Affairs as the investment involved in the application is above Rs 1,200 crore.
The bank had sought FIPB's nod to increase the foreign equity from the existing 49 per cent to 62 per cent.
Proposals on which decision was deferred include Jubilant Aeronatics, Soma Tollways, M D Shajahan Bablu, Bangladesh, and Green Destinations Holdings, Mauritius.
The finance ministry also said that decisions on five proposals have been kept in abeyance.
During the April-August period of 2013-14 fiscal, FDI inflows into the country stood at $8.46 billion, up 4 per cent from $8.16 billion in the year ago period.
"Based on the recommendations of Foreign Investment Promotion Board (FIPB)... Government has approved 13 Proposals of foreign direct investment amounting to Rs 1258.53 crore approximately," the Finance Ministry said.
FIPB, in its September 19 meeting, had also deferred decision on 8 FDI applications while two were rejected, it said.
Among major proposals that have been approved include Shantha Biotechnics (Rs 755 crore), Equitas Holdings (Rs 222.8 crore) and Stork Titanium (Rs 156 crore).
Shantha Biotechnics has been given permission to buy out the shares held by NRIs and Indian residents and to infuse fresh equity investment.
The finance ministry further said the proposal of private sector lender Axis Bank, amounting to Rs 6,265.76 crore has been recommended for consideration of Cabinet Committee on Economic Affairs as the investment involved in the application is above Rs 1,200 crore.
The bank had sought FIPB's nod to increase the foreign equity from the existing 49 per cent to 62 per cent.
Proposals on which decision was deferred include Jubilant Aeronatics, Soma Tollways, M D Shajahan Bablu, Bangladesh, and Green Destinations Holdings, Mauritius.
The finance ministry also said that decisions on five proposals have been kept in abeyance.
During the April-August period of 2013-14 fiscal, FDI inflows into the country stood at $8.46 billion, up 4 per cent from $8.16 billion in the year ago period.
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