NEW DELHI: The government has approved 18 FDI proposals totalling Rs 1,820.2 crore, including Manipal Educational Group’s plan to induct foreign investment of Rs 1,435 crore in a holding company.
The Foreign Investment Promotion Board (FIPB) also cleared Mauritius-based Indivision India Partners’ proposal to invest foreign equity worth Rs 120 crore in a company engaged in merchant banking and other NBFC activities.
A proposal of Sweden’s Volvo to invest Rs 123 crore for 8.1% stake in the proposed JV with Eicher Motors also received a green signal from the FIPB. However, another Volvo proposal has been referred to the Cabinet Committee on Economic Affairs (CCEA), as the investment involved is above Rs 600 crore.
Vodafone Essar also got an approval to convert operating company into an operating-cum-holding company to make downstream investment in a company engaged in telecom infrastructure business. However, the proposals of the realty firm DLF Limitless Developers and software giant Pepsi India were deferred by the FIPB.
DLF Limitless Developers had sought approval to issue shares in lieu of pre-incorporation expenses, while Pepsi India wanted the government to waive off the divestment condition which required it to offer a part of equity stake to Indian shareholders.
The Foreign Investment Promotion Board (FIPB) also cleared Mauritius-based Indivision India Partners’ proposal to invest foreign equity worth Rs 120 crore in a company engaged in merchant banking and other NBFC activities.
A proposal of Sweden’s Volvo to invest Rs 123 crore for 8.1% stake in the proposed JV with Eicher Motors also received a green signal from the FIPB. However, another Volvo proposal has been referred to the Cabinet Committee on Economic Affairs (CCEA), as the investment involved is above Rs 600 crore.
Vodafone Essar also got an approval to convert operating company into an operating-cum-holding company to make downstream investment in a company engaged in telecom infrastructure business. However, the proposals of the realty firm DLF Limitless Developers and software giant Pepsi India were deferred by the FIPB.
DLF Limitless Developers had sought approval to issue shares in lieu of pre-incorporation expenses, while Pepsi India wanted the government to waive off the divestment condition which required it to offer a part of equity stake to Indian shareholders.
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