Union Government approves 21 FDI proposals worth Rs 281 crore

Union Government approves 21 FDI proposals worth Rs 281 crore

Union Government has approved twenty one proposals of Foreign Direct Investment (DI) amounting to over 280 crore rupees. The approved FDI proposals were based on recommendations of the Foreign Investment Promotion Board (FIPB) taken in its meeting held on 30 April, 2015. Some of approved FDI proposals are La Renon Healthcare’s proposal to invest Rs 100 crore in a brownfield project. Blue Dart Express’s proposal to acquire shares in Blue Dart Aviation Ltd and hike shareholding from 49 per cent to 74 per cent. It will infuse investment between 52.8 crore to Rs 69 crore rupees. Quickjet Cargo Airlines proposal to increase foreign shareholding in the company to 74 per cent from 62.34 per cent. The deal will entail FDI worth 14.40 crore rupees. Forever Living Imports (India) Pvt Ltd’s 18.30-crore rupees proposal to undertake single brand retailing of ‘Forever’ brand products in India. However, FIPB has deferred 12 proposals including that of Mumbai-based Kotak Bank for increasing the aggregate foreign investment limit to 55 per cent in the bank. FDI proposals approval Presently, FDI proposals up to 3,000 crore rupees are cleared by the Foreign Investment Promotion Board (FIPB) under the normal approval route. However, those proposals involving FDI of more than 3,000 crore rupees are given final clearance by the Cabinet Committee on Economic Affairs (CCEA).