As per the finance ministry, the approval for the six FDI proposal were based on the recommendations given by the Foreign Investment Promotion Board (FIPB).
“Based on the recommendations of FIPB, the government has approved six proposals of FDI amounting to Rs.1,810.25 crore,” the ministry was quoted as saying in a statement. The FIPB gave its approval for the six projects during its meeting held here on October 30th.
According to the ministry, the largest component of foreign investments that were approved belongs to IIFL Holdings which totalled Rs.1,800 crore. The non-banking financial company (NBFC) had sought permission for increasing its foreign equity from 50.16 percent to 80 percent via issuing shares to FIIs (Foreign Institutional Investors).
Other proposal worth Rs.10 crore was approved for Monsoon Capital LLC, which had sought approval for investing in the corpus of a domestic alternative investment trust. The government rejected one proposal by NBFC Volkswagen Finance for investing in Indian government treasury bills, securities or liquid mutual funds and high quality corporate debt securities. (IANS)