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Wednesday, March 25, 2015

Government approves ten proposals of Foreign Direct Investment amounting to Rs. 2857.83 crore approximately

The government has approved ten (10) proposals for Foreign Direct Investment (FDI) amounting to Rs. 2,857.83 crore approximately. 

The 10 proposals include Air Works India (Engineering)'s proposal for increasing foreign equity investment (Rs 40 crore); Luvenus Jewellery (Rs 1.25 crore) for (i) incorporation of a WoS to set up a retail outlet at the Mumbai International Airport. (ii) Exemption/waiver from condition of 30% sourcing of goods from India. (iii) Funding the company for future expansion. Ostro Energy's proposal to invest Rs. 1,400 crore over four-five years in wind energy assets in India via downstream investment; IPCA Laboratories' proposal for FII investment up to 35 per cent (Rs 900 crore); Wacoal International Hong Kong Co. (Rs.1.58 crore approx.) has sought approval to set up a JV with 51% equity participation for undertaking of single brand retail trading of products under the brand name ‘Wacoal'. 

Remaining 49% of the equity share will be held by an Indian JV partner; Biogenomics has sought approval to increase the foreign equity from 74% to 92.28% of the existing foreign shareholders by further infusion of capital amounting to Rs.75 crores and Syngene International, Bangalore's approval for 10 per cent foreign equity participation in the company (Rs 380 crore). 
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