FDI proposals worth Rs.1,810.25 crore approved

New Delhi, Nov 18 (IANS) The central government on Wednesday approved six foreign direct investment (FDI) proposals amounting to Rs.1,810.25 crore.

As per the finance ministry, the approval for the six FDI proposal were based on the recommendations given by the Foreign Investment Promotion Board (FIPB).

“Based on the recommendations of FIPB, the government has approved six proposals of FDI amounting to Rs.1,810.25 crore,” the ministry was quoted as saying in a statement.

The FIPB gave its approval for the six projects during its meeting held here on October 30th.

According to the ministry, the largest component of foreign investments that were approved belongs to IIFL Holdings which totalled Rs.1,800 crore.

The non-banking financial company (NBFC) had sought permission for increasing its foreign equity from 50.16 percent to 80 percent via issuing shares to FIIs (Foreign Institutional Investors).

Other proposal worth Rs.10 crore was approved for Monsoon Capital LLC, which had sought approval for investing in the corpus of a domestic alternative investment trust.

The government rejected one proposal by NBFC Volkswagen Finance for investing in Indian government treasury bills, securities or liquid mutual funds and high quality corporate debt securities.

Leave a Reply

Please enter your comment!

The opinions, views, and thoughts expressed by the readers and those providing comments are theirs alone and do not reflect the opinions of www.mangalorean.com or any employee thereof. www.mangalorean.com is not responsible for the accuracy of any of the information supplied by the readers. Responsibility for the content of comments belongs to the commenter alone.  

We request the readers to refrain from posting defamatory, inflammatory comments and not indulge in personal attacks. However, it is obligatory on the part of www.mangalorean.com to provide the IP address and other details of senders of such comments to the concerned authorities upon their request.

Hence we request all our readers to help us to delete comments that do not follow these guidelines by informing us at  info@mangalorean.com. Lets work together to keep the comments clean and worthful, thereby make a difference in the community.

Please enter your name here