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FIPB clears 20 FDI proposals

Wednesday, 20 Nov 2013
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The Foreign Investment Promotion Board (FIPB) has cleared 20 FDI proposals worth Rs 916 crore.


FIPB, in its meeting held on 24 October 2013, cleared the 20 FDI proposals, including Singapore Airlines' Rs 303.18 crore proposal to set up a 49:51 joint venture company with Tata Sons to operate a domestic and international full service scheduled passenger airline.


FIPB also cleared Religare Enterprises' Rs 179.43 crore proposal to issue warrants to carry out the business of Investment Advisory Services and Financial Consultancy and to make holding investments in the NBFC sector.


Perrigo API India's Rs 130 crore proposal to increase the foreign equity participation from 85 per cent to 100 per cent by way of issue of fresh equity shares and transfer of equity shares from resident to non-resident shareholders in a pharma sector company was also cleared by FIPB.


The other proposals which were cleared include the ones by Intas Pharmaceuticals, JM Financial, Netherlands-based Hardinge Machine Tools, Nuance Group AG and Emerald Group Publishing (India).


FIPB has referred Federal Bank's Rs 1,400 crore proposal to increase the foreign equity to 74 per cent and for post facto approval for exceeding the foreign equity cap of 49 per cent by 7.16 per cent, to the Cabinet Committee on Economic Affairs (CCEA).


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