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Govt approves 13 FDI proposals

Tuesday, 29 Oct 2013

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On 28 October 2013, the Union Government, on the recommendation of the Foreign Investment Promotion Board (FIPB), cleared 13 FDI proposals.

The government approved FDI proposals totalling Rs 1,258 crore. Some of the major proposals which have been approved include those of Shantha Biotechnics worth Rs 755 crore; Equitas Holdings with FDI of Rs 222.8 crore; and Stork Titanium worth Rs 156 crore.

Shantha Biotechnics has been given permission to buy out the shares held by NRIs and Indian residents and to infuse fresh equity investment.

FIPB has deferred decision on eight FDI applications including Jubilant Aeronatics; Soma Tollways; M D Shajahan Bablu, Bangladesh; and Green Destinations Holdings, Mauritius. The board rejected two proposals.

The proposal of private sector lender Axis Bank, amounting to Rs 6,265.76 crore has been recommended for consideration of the Cabinet Committee on Economic Affairs as the investment involved in the application is above Rs 1,200 crore. The bank had sought the FIPB's nod to increase the foreign equity from the existing 49 per cent to 62 per cent.