FIPB clears eight FDI proposals worth Rs 5,200 crore

Inter-ministerial body FIPB today approved eight foreign investment proposals, including those of India Advantage Fund and L&T Finance Holdings, totaling Rs 5,200 crore.

The Foreign Investment Proposal Board (FIPB), headed by Economic Affairs Secretary Shaktikanta Das, today also rejected five proposals and deferred decision on four.

Proposal of India Advantage Fund, an AIF managed by ICICI Venture Fund, entails an investment worth Rs 2,950 crore, said Finance Ministry sources.

Proposal of L&T Finance Holdings involves FDI inflow of Rs 700 crore.

Paragon Partners Growth Fund’s proposal entailing investment worth Rs 1,000 crore has got FIPB clearance, too.

FIPB deferred decision on investment application of Sharekhan and three others.

Meanwhile, the Finance Ministry said the government has cleared four FDI proposals worth Rs 384 crore, including that of pharma firm Lupin.

“Based on the recommendations of FIPB at its meeting held on October 19, 2015, the government has approved four proposals of Foreign Direct Investment (FDI) amounting to Rs 384.45 crore,” it said in a statement.

The proposal of Lupin pertained to grant of ESoPs to non-resident employees of the company amounting to Rs 331.64 crore.

BF Elbit Advanced Systems’ Rs 37.8-crore proposal for increasing foreign shareholding to 49 per cent from 26 per cent was also cleared at the October 19 meeting.

Besides, proposals of Eucare Pharmaceuticals and Hanon Systems were cleared at the FIPB meeting.

However, the Board deferred five FDI proposals, including those of telecom sector firm FireFly Networks Ltd.

Also, the proposals relating to defence sector — Quantum Simulators Pvt Ltd, RoltaMeprolightPvt Ltd and Singapore-based LLP Diarough Far East Holdings Pte Ltd — were deferred.

FIPB also rejected four proposals, including those of Reliance Globalcom Ltd, Barefoot Resorts and Leisure lndia and Franklin Templeton Asset Management.

Source: Economic Times


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