Bulk of the envisaged investment is accounted for by proposals of entities such as Sterlite Grid, Equitas Micro Finance and TV Vision
The government on Tuesday announced its approval to 20 foreign direct investment (FDI) proposals, envisaging a total inflow of Rs.1,935.24 crore in foreign exchange.
A Finance Ministry release issued here showed that the bulk of the envisaged investment, as per the approvals given on the basis of recommendations of the Foreign Exchange Promotion Board (FIPB), is accounted for by proposals of entities such as Sterlite Grid, Equitas Micro Finance and TV Vision.
While the post-facto approval to Dadar & Nagar Haveli-based Sterlite Grid's proposal to act as an investment company envisages a forex inflow worth Rs.1,150 crore, Chennai-based Equitas Micro Finance received the government's nod for de-merging of microfinance business with its wholly-owned subsidiary (WoS). Post the de-merger involving an FDI inflow of Rs.230.70 crore, the activity of the company will be that of a NBFC-core investment company.
As per the official release, Mumbai-based TV Vision has also been permitted to bring in foreign investment worth Rs.200 crore by way of issue of equity shares though an IPO (initial public offer) “to undertake the business of broadcasting a non-news and current affairs TV channel.”
Among other approvals, while Mumbai-based Jalgaon Investments has received ex-post facto approval to act as an investing company entailing a FDI inflow worth Rs.135.55 crore, Elpro International also got post facto approval for issuance of shares against warrants to fetch Rs.64.67 crore in foreign exchange.
The government has also permitted Mauritius-based Funderburk 2 Mauritius to induct foreign equity worth Rs.13.75 crore to subscribe to equity shares of an Indian company engaged in multi-commodity exchange for derivatives markets.
Alongside, however, the government deferred its decision on 23 FDI proposals, including that of Rossell Aviation and Alliance Data Pte, Singapore.