Manipal Group allowed Rs1,435 crore FDI as Chidambaram clears 18 proposals news
16 May 2008

Mumbai: Manipal Educational Group has been allowed to induct foreign investment of Rs1,435 crore in a holding company and US-based Freightcar will set up a joint venture for railcars with finance minister P Chidambaram approving 18 FDI proposals totalling Rs1,820.24 crore.

Manipal, a major financial and industrial group in south India that runs a university and many professional educational institutions in India and abroad, has got approval to induct foreign equity of Rs 1,435 crore in a holding company.

The finance minister gave approval to these proposals following clearance by the Foreign Investment Promotion Board (FIPB), which met on May 9, a finance ministry statement said.

Freightcar America Inc proposes invest Rs78 crore in a joint venture to undertake test marketing of aluminum railcars besides other activities.

The proposed investment by Sweden's Aktiebolaget Volvo has been recommended for the consideration of the cabinet committee on economic affairs.

The applicants in the proposal of  Lotte Confectionery Co Ltd, Korea  and ICICI Securities Ltd, Mumbai have been advised to access the automatic route as the proposals do not require the approval of FIPB.

The FIPB had deferred the proposals of the realty firm DLF Limitless Developers and software giant Pepsi India, the statement added.

DLF Limitless Developers had sought approval to issue shares in lieu of pre-incorporation expenses, while Pepsi India wanted the government to waive off the divestment condition which required it to offer a part of equity stake to Indian shareholders.

Vodafone Essar also got approval to convert its operating company into an operating-cum-holding company to make downstream investment in a company engaged in telecom infrastructure business.


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Manipal Group allowed Rs1,435 crore FDI as Chidambaram clears 18 proposals