The Finance Ministry has given green signal to foreign direct investment (FDI) proposals worth Rs 24.56 crore. It has approved two proposals, one from Sterling Commerce Solutions and another from Arval India. The proposals were cleared by the Department of Economic Affairs, under Ministry of Finance, in October 2017.
The proposals included that of Sterling Commerce Solutions India which sought approval for issue of shares to the shareholders of three wholly-owned subsidiaries of IBM India upon their merger with the company. The proposal involved investments worth Rs 24.56 crore. Another proposal from Arval India, which does not require any additional FDI, has been approved to undertake the activity of financial lease in addition to the current activity of operating lease.
The ministry also said that a proposal from Ivanhoe India Equities Inc to provide investment advisory services to overseas entities by a yet to be incorporated Indian investee company has been returned as it was premature.