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Business News/ Politics / Policy/  Govt clears 21 FDI proposals worth Rs281 crore
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Govt clears 21 FDI proposals worth Rs281 crore

Kotak Mahindra Bank's proposal to hike foreign investment limit in the bank to 55% has been rejected

Photo: BloombergPremium
Photo: Bloomberg

New Delhi: The government has cleared 21 foreign direct investment (FDI) deals worth 281 crore but deferred Kotak Mahindra Bank’s proposal to hike foreign investment limit in the bank to 55%.

“The government has approved 21 proposals of foreign direct investment (FDI) amounting to 280.70 crore," a finance ministry statement said on Monday. FDI proposals under approval route are cleared by the Foreign Investment Promotion Board (FIPB). However, those proposals involving investment of more than 3,000 crore are given final clearance by the Cabinet Committee on Economic Affairs (CCEA).

The proposal of pharma firm La Renon Healthcare to invest 100 crore in a brownfield project was cleared by the FIPB in its meeting on 30 April. The inter-governmental panel, chaired by economic affairs secretary, also cleared Blue Dart Express’s proposal to acquire shares in Blue Dart Aviation Ltd and hike shareholding to 74% from 49%. This would entail investment between 52.8 crore to 69 crore.

The proposal of Quickjet Cargo Airlines to increase foreign shareholding in the company to 74% from 62.34% has also been cleared. The deal will entail FDI worth 14.40 crore.

Forever Living Imports (India) Pvt. Ltd’s 18.30-crore proposal to undertake single brand retailing of ‘Forever’ brand products in India has also been approved by the board. The FIPB has, however, deferred 12 proposals including that of Mumbai-based Kotak Bank for increasing the aggregate foreign investment limit in the bank to 55%.

Also the proposal of NBFC company IIFL Holdings Ltd for increasing foreign equity from 54.7% to 100% by way of issuing shares to FIIs was deferred. Further, the Board rejected seven proposals, including that of Sharekhan Ltd and Human Value Developers Pvt Ltd to transfer CCDs and CCPs of their companies held by IDFC Ltd to Baring Private Equity, Mauritius.

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Published: 25 May 2015, 08:01 PM IST
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