Government approves Rs1,935-crore FDI in 20 projects
10 Jan 2012
The government today approved 20 foreign direct investment proposals, including investments in financial services, electronic media etc, involving a total investment of Rs1,935.24 crore.
The FDI proposals were cleared following recommendations of the Foreign Investment Promotion Board (FIPB).
The government cleared Sterlite Grid's Rs1,150-crore proposal to act as an investment company. Equitas Micro Finance India Private Limited, Chennai, has been allowed to demerge its microfinance business with its WoS. Post demerger, the company will be an NBFC-core investment company. The proposal involves investment worth around Rs230 crore
Mauritius-based Funderburk 2 Mauritius Ltd has been allowed to subscribe to the equity shares of an Indian company engaged in the business of multi commodity exchange for derivative markets across all commodity segments.
Other proposals cleared include equity subscription through FDI to Financial Inclusion Network & Operations Ltd, Mumbai (ex post-facto).
The subscription to equity shares has been approved without satisfying the minimum capitalisation requirements for FDI in NBFCs, an official release said today.
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