Govt approves FDI proposals worth Rs.802 cr
Agreeing to the recommendations of FIPB [Foreign Investment Promotion Board], the Central Government cleared 12 FDI proposals which will make total inflow of over Rs.802 crore.
Major Proposals cleared by FIPB:
- Swedish furniture giant IKEA’s proposal which is expected to bring in foreign investment of over Rs.1,200 crore.
- Ingka Holding Overseas permitted to set up a wholly-owned subsidiary for undertaking single brand retailing of IKEA products.
- Ratnakar Bank’s proposal to raise foreign equity in the bank from 43% to 55% is expected to bring in Rs.300 crore as FDI.
- Approval to Taqa Jyoti Energy ventures to attract Rs.252 crore as foreign investment.
- Mylan Laboratories allowed to acquire an existing pharmaceutical manufacturing facility.
- OCS Group Singapore Pvt Ltd. permitted to acquire equity shares of an Indian company with business of detective and protective services.
However, the proposal of Mahindra and Mahindra to set up a defense joint venture with Israel’s Rafael Advanced Defence System for production and development of naval defence system and other products was rejected.