The Union Finance Minister on Friday has approved 18 Foreign Direct Investment (FDI) proposals that would carry the inflow of total foreign investment of Rs.1820.84-crore.
Out of 18 FDI proposals, Manipal Universal Pvt. Ltd, Aktiebolaget Volvo (publ), Sweden, Freightcar America Inc. USA, Indivision India Partners, Mauritius and Cobra Indian Beer Pvt. Ltd. are the major proposals that would carry the thick portion of FDI.
Two proposals of DLF Limitless Developers Private Limited and Pepsico India Holding Pvt. Ltd have been deferred by the Ministry.
The Foreign Investment Promotion Board (FIPB) has recommended these proposals in a meeting on May 09. These proposals are related to Ministries/Departments entitled Heavy Industry, Higher Education, Industrial Policy & Promotion, Information & Broadcasting, Information Technology, Telecommunications, Tourism and Economic Affairs.
The proposal of Manipal Universal Learning Pvt. Ltd is the biggest among 18 proposals of worth of Rs.1435-crore for induction of foreign equity in a holding company. This proposal is related to higher education.
In the heavy industry proposal, government has approved 2 proposals of cumulative worth of Rs.201-crore in which Freightcar America Inc, USA has got the green signal of Finance Minister to inject Rs.78-crore for setting up a new joint venture to undertake test marketing of aluminum railcars besides other activities while Aktiebolaget Volvo (publ), Sweden, has also got the permission to inject Rs.123-crore induction of foreign equity up to 8.1% by way of acquisition of shares.
The finance ministry has also cleared the investment proposals of Indivision India Partners, Mauritius related to Economic Affairs Ministry of worth Rs.120.04-crore for inducting of foreign equity in a company engaged in Merchant Banking and other NBFC activities.
The proposal of Sweden’s Volvo to invest Rs 123 crore for 8.1% stake in the proposed JV with Eicher Motors has also been approved from the FIPB. However, another Volvo proposal has been referred to the Cabinet Committee on Economic Affairs (CCEA) due to having more than Rs.600-crore investment.
Vodafone Essar’s proposal has also get approval for conversing the operating company into an operating cum holding company for making downstream investment in a company engaged in telecom infrastructure business.
Besides these, ministry has also approved the FDI proposals of Thieme Medical & Scientific Publishers Pvt. Ltd. New Delhi, Dipti Publications Pvt. Ltd., Vision Corporation Ltd, Mumbai, Strika Entertainment India Private Limited, Gurgaon, Orissa Television Ltd, Bhubaneshwar, DVV Media India Pvt. Ltd. Mumbai, Greycells Entertainment, Mumbai, RPM International Inc. USA, Blue Ridge Hotels Pvt. Ltd, Devas Multimedia Pvt. Ltd., NAVTEQ Corporation, USA and HT Media Limited with having marginal or no fresh investment inflows.
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