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Wednesday, May 06, 2015

Government gives approval to 19 FDI proposals amounting to Rs. 2165.04 crore

Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its Meeting held on 9th April 2015, the Central Government has approved nineteen (19) proposals of Foreign Direct Investment(FDI) amounting to Rs. 2165.04 crore approximately. 

Among others who received approval, the government has given nod to insurance firm AXA for raising stake in its life insurance joint venture with Bharti Group to 49% for Rs 858.6 crore. AXA has also been permitted to raise stake in the general insurance joint venture with Bharti. This will entail a capital flow of Rs 431.40 crore. Together, AXA's FDI in Bharti Group will be Rs 1,290 crore. These are the first FDI proposals cleared after the passage of Insurance Bill in March that allowed raising of foreign investment cap from 26% to 49%. 

Meanwhile, FIPB deferred 10 proposals including that of BASF Chemical India, Vivimed Labs and Sharekhan. Moreover, 12 proposals were rejected by the board including Nickelodeon Asia Holdings, Singapore, S Kumars Nationwide and Warden Petrochem. 

FCC India had sought permission to acquire additional 50 per cent equity stake (represented by 39,50,000 equity shares) in FCC Rico from FCC Co, the consideration for which would be discharged by swap of shares wherein FCC India's equity shares would be issued to FCC Japan, it said. 

Among others, Mylan Laboratories' FDI proposal worth Rs 128.77 crore has also been cleared. At the same time, Rs 124-crore proposal of another pharma company Par Formulations was also cleared. Curatio Healthcare's proposal of Rs 93.43 crore has also been approved. The investment board also cleared FCC Clutch India's proposal of 444.50 crore. 
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