FIPB ayes six FDI proposals worth a whopping Rs. 551 crore
Six FDI proposals with estimated investments of Rs. 551 crore, including Mauritius-based Destimoney Enterprise’s Rs. 489.99 crore proposal for subscribing to partly paid equity shares of PNB Housing Finance Ltd., have been cleared by FIPB. Amri India Pvt. Ltd.’s Rs. 59.95 crore proposal for a fresh and renewed investment of $ 10 million from its parent company Albany Molecular Research Mauritius was also approved by the Board, a statement by the finance ministry said.
Brunswick India Ltd.’s application for making 99.99% investment in the capital of a Limited Liability Partnership to be incorporated in India was also approved by the Foreign Investment and Promotion Board (FIPB).
The FIPB is headed by Finance Secretary Arvind Mayaram, and has a deferred number of proposals, including that of Walt Disney, News Laundry, BNP Paribas and Indian Rotorcraft, the statement additionally mentioned. However, these would be eventually considered for clearance.
FIPB had taken these decisions in a meeting conducted last month, it said.
The FIPB will also reach a decision concerning 31 new submitted proposals on Foreign Direct Investment, including that of Johnson and Johnson, as well as Monsanto, the following day, it said. The decisions would soon be made available to the public.
Source- The Financial Express
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