Govt Clears FDI Proposals of 15 Companies Worth Rs 7,262 Crore
The FIPB approved proposals worth Rs 7,262 crore by 15 companies on Monday.
The Foreign Investment Promotion Board (FIPB) approved Foreign Direct Investment (FDI) proposals by 15 companies – totalling up to Rs 7,262 crore – on Monday.
Based on the recommendations of the Foreign Investment Promotion Board (FIPB) in its meeting held on 7 March, the government has approved 15 FDI proposals involving Rs 7,261.6 crore and recommended one proposal for approval of CCEA involving FDI of Rs 6,885 crore.Finance Ministry Statement
The proposals include increase in the stake of the following companies:
- Nippon Life in Reliance Life Insurance (26 percent to 49 percent)
- AIA International in Tata AIA Life Insurance Company (26 percent to 49 percent)
- Aviva International in Aviva Life Insurance (26 percent to 49 percent)
The FIPB, headed by the Economic Affairs Secretary, is an inter-ministerial panel and can approve foreign investment proposals of up to Rs 5,000 crore.
Other Approve Proposals
Birla Sun Life Insurance Company’s proposal worth Rs 1,664 crore for hiking foreign equity in the company to 49 percent was also approved.
The proposal of Yes Bank to hike foreign investment limit to 74 percent from existing 41.87 percent without any sub-limits has also been referred to the Cabinet Committee on Economic Affairs (CCEA).
Raheja QBE General Insurance Co’s Rs 102 crore proposal for transfer of 23 percent shares held by Prism Cement to Hong Kong’s QBE Asia Pacific Holdings and thereby increasing foreign shareholding to 49 percent also got the nod.
(With PTI inputs)
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