Government Approves 10 FDI Proposals Worth Rs 140 Crore

Government Approves 10 FDI Proposals Worth Rs 140 Crore
New Delhi:

The government has cleared 10 foreign direct investment (FDI) proposals totaling Rs 139.95 crore, including the ones by Equitas Holding and Ambit Pragma Fund II.

The proposals were cleared following recommendations for the same by the Foreign Investment Promotion Board (FIPB) in its meeting held in March, the Finance Ministry said.

It further said the decision on seven proposals was deferred while decision on five has been kept in abeyance.

Equitas Holding, a holding-cum-investment company in the micro-finance sector, has got approval to increase FDI from 89.64 per cent to 95.64 per cent by transfer of shares from resident Indians to non-residents. The proposal entails investment of Rs 79.93 crore.

Ambit Pragma Fund II has got government's nod to increase foreign equity from 93.04 per cent to 94.88 per cent.

The seven proposals on which decision has been deferred include those of Alhcon Parenterals (India), HBM Private Equity India, Mauritius and Speciality Restaurants.

A decision has been kept in abeyance on the proposals of Amri India, Financial Software and Systems (P) Ltd, Brunswick India and two others.

The government also rejected a proposal of I Energy Wind Farms (Theni), which had sought post-facto nod for issue of shares to Indian Energy (Mauritius) Ltd, Mauritius (foreign investor) one day before receipt of inward remittances.