Government Clears 11 FDI Proposals Worth Rs 1,568 Crore

NEW DELHI:  The government on Thursday approved 11 proposals of foreign direct investments amounting to Rs 1,567.91 crore. In addition, Foreign Investment Promotion Board (FIPB) has recommended two proposals of Sistema Shyam TelServices Ltd involving an FDI of Rs 10,000 crore and IIFL Holdings Limited involving an FDI of Rs 3201.5 crore, for Cabinet Committee on Economic Affairs consideration.

“The total FDI inflow in the cases recommended for approval is Rs 14,769.41 crore out of which two proposals with a total FDI of Rs 13,201.5 crore have been recommended for consideration of the Cabinet Committee on Economic Affairs,” the official statement said.

However, the board has rejected 4 proposals of Mantri Developers Private Limited, Almondz Insurance Brokers Private Limited, Bean Media Group Pty Ltd, Sterling Fabory India Private Limited.

Mantri Developers which represents the construction sector “proposes to undertake a buy-back of its shares, as part of which all the shares of the foreign investor in the company, aggregating to 9,770,190 equity shares having a face value of Rs 10 each. This will bring the foreign investment in the company down to 0 percent,” the ministry official statement said.

The board has also deferred 6 proposals of ii5 Technologies Pvt ltd, Reliance Globalcom Ltd., Bermuda, Indian Herbs Specialities Private Limited, Apollo Hospitals Enterprise Limited, Aegon Religare Life Insurance and FireFly Networks Limited.

“Approval has been sought by Reliance Globalcom Ltd. (RGL) to acquire 100 per cent of the issued and paid up share capital of GCX India. Thereafter, GCX India will apply for the unified licence issued by the Department of Telecom, in order to provide services in the telecom sector,” the official statement said.