Union Government approves 10 FDI proposals worth Rs.2857.83 crore
Union Government has approved 10 Foreign Direct Investment (FDI) proposals worth 2857.83 crore rupees. These FDI proposals were approved by the Foreign Investment Promotion Board (FIPB).
Some of proposals approved are
- Air Works India (Engineering) Private Limited’s proposal to increase foreign equity investment at Rs 40 crore.
- Ostro Energy’s proposal to invest Rs. 1,400 crore over next four-five years in wind energy assets in India via downstream investment.
- IPCA Laboratories’ proposal for FII investment up to 35 per cent i.e. Rs 900 crore.
- Reckitt Benckiser (India) proposal to acquire 24.88 per cent stake in Reckitt Benckiser Healthcare India from its foreign investor. This deal will result in a foreign fund outflow of Rs 750 crore.
- Syngene International’s proposal to inject 380 crore rupees through 10 per cent foreign equity participation into the company.
- Ambuja Cements proposal for acquisition of 24 per cent shares in its holding company Holcim (India) for a share swap worth Rs 3,500 crore has been referred to the Cabinet Committee on Economic Affairs (CCEA).
FIPB approves the FDI proposals under approval route. However, those proposals worth above Rs 1,200 crore are given final approval to the CCEA.
Categories: Economy & Banking Current Affairs