The Centre on Tuesday approved 17 Foreign Direct Investment (FDI) proposals worth Rs. 1,158.78 crore, including ArcelorMittal’s offer to acquire 35 per cent stake in Uttam Galva for around Rs. 500 crore.
It, however, rejected the proposal to infuse 100 per cent foreign equity by Jaipur IPL Cricket Pvt. Ltd, the promoters of Rajasthan Royals cricket team.
The government also cleared Electrosteel Castings’ proposal to issue and allot eligible securities, including equity shares and/or non-convertible debt instruments along with warrants on a private placement basis that would bring in FDI worth Rs. 600 crore.
However, the Centre deferred 12 FDI proposals and rejected five.
The government referred the proposals of Jet Airways to bring in Rs. 2,000-crore FDI and the Mauritius-based investment fund Indium IV to bring in Rs. 2,500-crore FDI, to the Cabinet Committee on Economic Affairs (CCEA) as the proposals are of value above Rs. 600 crore.
Keywords: FDI, Foreign Direct Investment, ArcelorMittal, Uttam Galva, Jaipur IPL Cricket Pvt. Ltd, Rajasthan Royals, Electrosteel Castings, Jet Airways, Indium IV, Cabinet Committee on Economic Affairs, CCEA