Government clears 10 FDI proposals worth Rs 607 crore

Government has approved 10 foreign direct investment (FDI) proposals amounting Rs 607 crore, including proposal of Alstom Manufacturing India worth Rs 400 crore on the recommendations of Foreign Investment Promotion Board (FIPB), chaired by Economic Affairs Secretary Shaktikanta Das. Alstom Manufacturing India had sought an approval to hold equity and arrange finance for its downstream investment company Electric Locomotive Company to be set up in Madhepura (Bihar).

FIPB also cleared FDI proposal of Cipla amounting Rs 145.22 crore. Further, Emcure Pharmaceuticals’ proposal worth Rs 57.4 crore got approval. It had sought approval for the issuance of additional ESOPS to four non-resident employees to the extent of 0.28 per cent. Atria Convergence Technologies also got approval. It had sought approval for transfer of its shares from existing non-resident shareholders to Argan (Mauritius) and TA FVCI Investors. Further, proposals of Glenmark Pharmaceuticals, Euronet Services India, AvH Resources India, Capricorn Ventures, DEN Networks and Celestis Pharmaceuticals were cleared.

Meanwhile, 5 FDI proposals were rejected which include Ashdene Investments, Veritas (India), KDK Softwares (India), Kemefs Specialities and Afro Asia Equipments. Further, 8 proposals including those of ICICI Lombard General Insurance, ICICI Prudential Life Insurance, Reckitt Benckiser (India),  Almondz Insurance Brokers, Taurus Ventures, Jasper Infotech, One97 Communications and Athena Chhattisgarh Power have been  deferred.

Furthermore, as per the revised FDI norms, it has recommended one proposal for approval of Cabinet Committee on Economic Affairs (CCEA) headed by the Prime Minister, involving FDI of Rs 5856.51 crore. ATC Asia Pacific’s proposal seeking nod for acquisition of 51 per cent of the shareholding of Viom Networks would involve inflow of Rs 5,856.51 crore.  As per the revised guidelines, any proposal involving fund inflow of Rs 5,000 crore requires CCEA approval. Earlier this limit was Rs 3,000 crore.