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The Centre has approved four foreign direct investment proposals worth ₹2,060 crore which includes ones from Sharekhan Ltd, IBM India, IFC FIG and Diavikas Capital.
The decisions are based on the recommendations of Foreign Investment Promotion Board September 26, according to a Finance Ministry release.
Of the four proposals, only the one made by Sharekhan Ltd involves infusion of funds into India. The government has approved Sharekhan’s proposal to acquire up to 100 per cent of the share capital in the company other than the shares held by Human Value Developers Private Ltd, BNP Paribas SA France and/or one or more of BNP’s French subsidiaries.
Approval was also given to IBM India’s proposal to merge its wholly owned subsidiaries — Telelogic India Private Ltd, Unica Softtech Systems India Private Ltd and Bigfix Software (India) Private Ltd (all dormant companies) — into its another wholly-owned-subsidiary, Sterling Commerce Solutions Private Ltd, which is an investing company.
Post-facto approval was given by the Centre for Telelogic India Private Ltd, a subsidiary of IBM India, to act as an investee company holding investments in IBM Business Consulting Services Private Ltd till its merger into Sterling India.
IFC FIG Investment Company I’s proposal to purchase 3,646,937 equity shares of Bandhan Financial Services Ltd from International Finance Corporation, constituting 2.85 per cent of the paid up equity share capital of Bandhan Financial Services Ltd was also approved.
DiaVikas Capital Private Ltd’s proposal for buy-back of all the shares from the resident shareholders thereby increasing the foreign shareholding in the company to 100 per cent also received the government’s approval.
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