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Our Bureau

New Delhi, Oct. 31 A proposal from ILFS-ORIX Trust Company Ltd to bring in foreign direct investment (FDI) worth Rs 400 crore from Foreign Offshore Fund by issuing units of the Trust was among the 40 FDI proposals approved by the Government on Friday.

A total of 40 proposals involving FDI worth Rs 1,498.51 crore has been cleared by the Finance Minister, Mr P. Chidambaram, following recommendations from the Foreign Investment Promotion Board (FIPB), an official release said.

Pepsico’s long-pending proposal to delete a disinvestment condition in its original approval and increase approved equity was recommended for the consideration of the Cabinet Committee on Economic Affairs (CCEA) as the initial approval was given by the Cabinet Committee on Finance and Investments (CCFI) which later got converted into CCEA.

A proposal from Asset Reconstruction Company (India) Ltd to increase foreign equity participation in the company from the present 5 per cent to 14.66 per cent by inducting a new foreign collaborator and involving FDI worth Rs 272.86 crore was also cleared by the Minister.

The Finance Minister also gave the go ahead to proposals for conversion of operating companies into holding companies for Louis Vuitton Malletier (FDI Rs 150 crore), U DORI Engineering Works Corporation (FDI Rs 125 crore) and Forum Ventures Pvt Ltd (Rs 99.97 core).

Two large FDI proposals in excess of Rs 600 core each were sent to the CCEA for approval. The proposal from TPG India Investment Inc, Mauritius, to bring in FDI worth Rs 805.61 crore and by issue of warrants was referred to the CCEA.

Similarly Suzlon Energy’s plan to bring in FDI worth Rs 1,800 crore for making downstream investments too was sent to the CCEA for final approval.

More Stories on : Foreign Direct Investment | Policy

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