The government has cleared 21 foreign direct investment (FDI) deals worth Rs 281 crore. The Foreign Investment Promotion Board (FIPB) has, however, deferred 12 proposals including that of Kotak Bank, Mumbai for increasing the aggregate foreign investment limit in the bank to 55 percent.
Also the proposal of NBFC company IIFL Holdings, Mumbai for increasing foreign equity from 54.7 percent to 100 percent by way of issuing shares to FIIs was deferred.
Further, the Board rejected seven proposals, including that of Sharekhan and Human Value Developers to transfer CCDs and CCPs of their companies held by IDFC to Baring Private Equity Asia IV, Mauritius Holdings.
The 21 proposals approved included that of pharma firm La Renon Healthcare to invest Rs 100 crore in a brownfield project was cleared by the FIPB.
The government also cleared Blue Dart Express’s proposal to acquire shares in Blue Dart Aviation Ltd and hike shareholding to 74 percent from 49 percent. This would entail investment between Rs 52.8 crore to Rs 69 crore.
The proposal of Quickjet Cargo Airlines to increase foreign shareholding in the company to 74 percent from 62.34 percent has also been cleared. The deal will entail FDI worth Rs 14.40 crore (in two stages).
Forever Living Imports (India)’s Rs 18.30 crore proposal to undertake single brand retailing of ‘Forever’ brand products in India has also been approved by the board.