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FDI proposals worth Rs 2,973 cr cleared

FDI proposals worth Rs 2,973 cr cleared
The government on Tuesday said it has cleared 25 foreign direct investment (FDI) proposals, including that of AIF III of Mauritius and Mumbai based Microqual Techno, worth Rs 2,973.40 crore. The applications were cleared after recommendations of the Foreign Investment Promotion Board (FIPB) headed by Economic Affairs Secretary R Gopalan, the finance ministry said.

The FIPB, during its meeting held earlier this month, had also rejected eight proposals and deferred decision on 13 applications.

As per the ministry, application of AIF III Sub Pvt Ltd to bring in FDI worth Rs 1,000 crore has been approved. The Mauritius based firm proposes to induct foreign investment in the units of a Fund constituted as a Trust.

Microqual Techno's application is to increase foreign equity to carry out business of wireless telecommunications.

The proposal was worth Rs 522.90 crore.

The proposal of Mauritius based Mozart for infusion of foreign investment in an existing company in the pharmaceuticals sector (brownfield investments) has also been approved. The company has proposed to bring in investment worth Rs 300 crore.


COMPANIES WHICH GOT CLEARANCE


The applications were cleared after the recommendations of FIPB.
  • Mauritius based AIF III: Rs 1,000 crore
  • Microqual Techno: Rs 522.90 crore
  • Mozart: Rs 300 crore
  • Genworth Financial Mortgage: Rs 124 crore
  • Plethico Pharmaceuticals: Rs 500 crore
  • Kintetsu World Express: Rs 267.69 crore
Agencies

Agencies

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