The Government on Monday said it has cleared 13 FDI proposals totalling
Rs 1,258 crore and referred Axis Bank’s proposal for increasing foreign
equity amounting to about Rs 6,266 crore for consideration of the
Cabinet.
The Foreign Investment Promotion Board (FIPB), in its September 19
meeting, had also deferred decision on 8 FDI applications while two were
rejected, it said.
“Based on the recommendations of Foreign Investment Promotion Board
(FIPB)...Government has approved 13 Proposals of foreign direct
investment amounting to Rs 1258.53 crore approximately,” the Finance
Ministry said.
It further said the proposal of private sector lender Axis Bank,
amounting to Rs 6,265.76 crore has been recommended for consideration of
Cabinet Committee on Economic Affairs as the investment involved in the
application is above Rs 1,200 crore.
The bank had sought FIPB’s nod to increase the foreign equity from the existing 49 per cent to 62 per cent.
Among major proposals which have been approved include that of Shantha
Biotechnics (Rs 755 crore), Equitas Holdings (Rs 222.8 crore) and Stork
Titanium (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.
Proposals on which decision was deferred include Jubilant Aeronatics,
Soma Tollways, M D Shajahan Bablu, Bangladesh, and Green Destinations
Holdings, Mauritius.
The Ministry also said that decisions on five proposals have been kept in abeyance.
During the April-August period of 2013-14 fiscal, FDI inflows into the
country stood at USD 8.46 billion, up 4 per cent from USD 8.16 billion
in the year ago period.
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