Government clears seven FDI proposals worth Rs981 crore
Hathway Cable and Datacom has got approval for increasing foreign investment limit FIIs and FPIs
New Delhi: The government on Wednesday said it has cleared seven foreign investment proposals, including that of Hathway Cable and Datacom Ltd, totalling over ₹ 981 crore. The proposals worth ₹ 981.15 crore have been cleared by the finance ministry following recommendations for the same by the Foreign Investment Promotion Board (FIPB). Hathway Cable and Datacom has got approval for increasing foreign investment limit for foreign institutional investors (FIIs) and foreign portfolio investors (FPIs), among others under the portfolio investment scheme from the current 49% of its issued and fully paid up share capital to 74%.
The ministry said the proposal, related to telecom and broadcasting sector, entails investment worth ₹ 963 crore. Hyderabad-based Celon Laboratories too has got permission for downstream investment in a brown field pharma company. The investment has been estimated at ₹ 16 crore. Cyprus-based Lalea Trading, related to real estate, has been granted permission for repatriation of investment. The clearance will lead to FDI outflow of about ₹ 23.27 crore.
The FIPB, in its 3 July meeting, has also cleared application of Kotak Mahindra Bank Ltd. The private sector bank had sought approval for increasing the aggregate foreign investment to 55% following a merger between ING Vysya Bank Ltd and Kotak Bank. Also, the decision on six FDI proposals including that of Den Networks Ltd, Reliance Globalcom (Bemuda), Sistema Shyam Teleservices and Indian Rotocraft was deferred in the meeting.
Meanwhile, the FIPB headed by finance secretary Rajiv Mehrishi will meet again on Thursday to decided on over 40 investment proposals.
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