Govt clears 19 FDI proposals entailing Rs 2,327 cr investment

Tags: News
The government has cleared 19 foreign investment proposals, including that of Walt Disney Company and Reckitt Benckiser (India), entailing total investment of Rs 2,326.72 crore.

"Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on June 11, 2014, Government has approved 19 proposals of foreign direct investment (FDI) amounting to Rs 2326.72 crore approximately," the Finance Ministry said in a release.

The FIPB, however, rejected an investment proposal of Multi-Commodity Exchange of India (MCX) for a post-facto approval of the foreign investment made by Alexandra Mauritius Ltd prior to the period when FDI in commodity exchanges was brought under approval route.

In addition to MCX's proposal, the FIPB also rejected foreign investment application of George Institute for Global Health (Hyderabad), BIESSE Manufacturing Company (Bangalore) and three others.

The Finance Ministry further said decision on seven FDI proposals has been deferred. These include proposal of Ahlcon Parenterals (India) (pharmaceutical sector), Indian Rotorcraft Ltd (defence) and UBM Medica India (print media).

The government gave its nod to the proposal of Walt Disney Company (Southeast Asia) Pte Ltd, Singapore to infuse additional capital in UTV Software Communication by way of subscription to equity capital up to Rs 1,100 crore and also make additional investments from time to time.

Reckitt Benckise (India) has got permission to acquire 23.72 per cent paid up share capital of Reckitt Benckiser Healthcare India Limited from its foreign investors Reckitt Benckiser (Singapore) Pte Ltd, Singapore.

The proposal entails investment of Rs 725 crore.

The proposal of Department for International Development, UK for investment into NEEV Fund, proposed to be registered with the SEBI, as a Category I Alternative Investment Fund- Infrastructure Fund has also been cleared.

The applicant was SBICAP Ventures and the proposals entails investment of Rs 396 crore.

The other investment proposals cleared are that of TTK Protective Devices (Chennai), BNP Paribas India Holding, Pfizer Limited (Mumbai), News Laundry Media, J2 Global Ireland, Morgan Stanley Global Services Mauritius (Mauritius) and Brightstar Infrastructure (Mumbai).

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Signalling good times, current account deficit is likely to grow from here on

    The current account deficit (CAD) numbers for April-June quarter declined sharply to 1.7 per cent of GDP.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Arun Nigavekar

Disruptive innovation in education

The past two weeks had a fair share of interesting ...

Rajgopal Nidamboor

Regain the spirit of focused power

For aeons, the human race has been experimenting with a ...

Gautam Gupta

Manufacturing must keep workers’ welfare in mind

It may be early days yet, but the labour reforms ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture