Based on the recommendation of Foreign Investment Promotion Board (FIPB) Government has approved 16 foreign direct investment (FDI) proposals amounting Rs 1,152.53 crore approximately, including that of Edelweiss Tokio Life Insurance, Encore Asset Reconstruction Company and News Laundry Media. FIPB cleared proposal of Edelweiss Tokio Life Insurance to increase foreign equity from 26% to 49% of its paid-up capital. Further, government gave nod to News Laundry Media for raising its foreign equity from 6.25% to 18.64%. FDI proposal of Tata Global Beverages was also cleared for issuing shares to foreign collaborators of Mount Everest Mineral Water, a subsidiary of TGBL, pursuant to merger of the two companies.
Besides, FIPB also cleared FDI proposals of Arkadin ConferIndia, Zone Startup (India) Advisory, HSS BIM Solutions, Cogniphi Technologies, Move.in (Singapore), Logbase Inc, Celon Laboratories, Elanco India, Kinedex Healthcare, Windlas Biotech, Cairnhill CIPEF and Cairnhill CGPE and that of Akumentis Healthcare.
However, 11 proposals, including that of Apollo Hospitals Enterprise, Aegon Religare Life Insurance, Almondz Insurance Brokers, Indian Herbs Specialties, IIFL Holdings and BTI Payments, were recommended for deferment. Meanwhile, similar number of proposals were rejected including that of Bloomberg Data Services India, Taurus Ventures, Architects 49, Afro Asia Equipments and Dhanvantari Technologies.
Additionally, FDI proposal of Cadila Healthcare of Rs 5,000 crore has been recommended for consideration of Cabinet Committee on Economic Affairs (CCEA). Cadila Healthcare is seeking approval for fresh equity infusion of up to Rs 5,000 crore under FDI route by Qualified Institutional Placement (QIBs) on a private placement basis for the expansion of the business.