Govt approves 26 FDI proposals worth Rs13.6bn

India Infoline News Service | Mumbai |

A plan by Jet Airways (India) Ltd., Mumbai to raise money from FIIs has been put on hold

The Government has approved 26 proposals of Foreign Direct Investment (FDI) amounting to Rs13.61bn approximately based on the recommendations of the Foreign Investment Promotion Board (FIPB) in its meeting held on October 9.

New Delhi-based Capricorn Hospitality Services Pvt. Ltd. plans to bring in foreign investment of Rs5.76bn or up to 49% of the equity share capital to make downstream investments, either directly or through other investment companies.

The Government also cleared a plan by Hyderabad-based Indus Renewable Energy India Pvt. Ltd. to make downstream investments of Rs5bn in operating and / or operating cum investing companies engaged in the hydroelectric power sector.

Ahmedabad-based Sadbhav Engineering Ltd. proposes to issue and allot Series A and Series B detachable warrants on a rights basis. This will result in FDI of Rs1.25bn.

Fourteen proposals have been deferred. These include a plan by Jet Airways (India) Ltd., Mumbai to raise money from FIIs through the Qualified Institutions Placements (QIP) route.

A plan by Opto Circuits (India) Ltd., Bangalore to issue Convertible Warrants on a preferential basis was also put on hold.

UTV Software Communication Ltd.'s proposal to issue and allot equity shares pursuant to the Scheme of Arrangement approved by the Bombay High Court was also deferred.

The proposed Joint Venture between EADS Deutchland GmbH (EADS), Germany and Larsen & Toubro Ltd. (L&T), Mumbai was rejected yet again. The two companies plan to incorporate a manufacturing JV company to undertake the production of defence equipment.

Four proposals have been rejected, including that of ByCell Telecommunication Pvt. Ltd.

One proposal has been advised to access automatic route.



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