The Foreign Investment Promotion Board (FIPB) has referred Chennai-based Shriram Financial Ventures’ proposal entailing a foreign direct investment (FDI) inflow worth Rs.2,000 crore by way of induction of foreign equity in an investment company to the Cabinet Committee on Economic Affairs (CCEA) for approval.
Alongside, at its meeting held on June 1, the Board, headed by Economic Affairs Secretary R. Gopalan, approved eight FDI proposals worth Rs.100 crore and deferred its decision on eight others. Among the deferred proposals were two applications — one was by the Mahindra group to bring in FDI for a joint venture in defence production and the other pertained to pharmaceutical major Pfizer planning to induct foreign equity into a company.
According to a Finance Ministry statement here, among the proposals cleared, Sesa Goa’s application did not entail any flow of funds but only envisaged transfer of equity by way of share swap in the business of exploring, mining, importing, and certain mineral exports.
The only significant proposal by way of investment inflow was that of Haryana-based Zooropa Foods Private Limited, which entails an FDI worth Rs.100 crore.