FIPB green-lights nine FDI proposals worth ₹659 crore

Our Bureau New Delhi | Updated on January 15, 2018


Recommends three for CCEA approval

The Foreign Investment Promotion Board (FIPB) has approved nine foreign direct investment proposals worth ₹659 crore.

The FIPB meeting, which took place on February 21, also recommended three proposals for approval from the Cabinet Committee on Economic Affairs (CCEA) that include ₹9,000-crore proposal by Twin Star Technologies Ltd, wholly owned subsidiary of Twin Star Overseas Limited, Mauritius.

The company has sought approval to act as an investing company for undertaking downstream investments in its 100 per cent subsidiary company Twinstar Display Technologies Ltd and other Indian companies engaged in activities eligible to raise foreign investment under automatic route.

FIPB also recommended CCEA clearance for a ₹789-crore FDI proposal of Flag Telecom Singapore Pte Ltd to acquire 100 per cent of the shares of Reliance Global Cloud Xchange Ltd.

Another proposal entailing ₹750 crore of foreign investments by Apollo Hospitals Enterprise Ltd has also been sent for CCEA approval.

Meanwhile, the FIPB gave the go-ahead to Netmagic Solutions Private Ltd’s proposal involving ₹533.83 crore of FDI. “Approval has been sought for increase in the foreign shareholding of the company from 81.63 per cent to 100 per cent by NTT Communications Corporation, Japan,” said a Finance Ministry statement.

It also approved proposals of Vodafone India, JC Decaux and Atria Convergence Technologies.

The FIPB also rejected three proposals by Energy City Navi Mumbai Holding Company, Mauritius, innat Garments Manufacturing India Pvt Ltd and Elringklinger Automotive Components (India) Private Ltd.

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Published on March 24, 2017
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