Government cleared Rs 808 crore FDI proposal by Cloverdell

Mauritius based, Cloverdell Investments Ltd. got a clearance for their foreign direct investment proposal of investing Rs 808 crore on 6 September. The Mauritius based company’s case was taken into consideration by the Foreign Investment Promotion Board (FIPB) in the meeting conducted on 27 July 2012, but the approval came after getting clarifications on certain issues.

Clearance for making the investment in form of FDI to Cloverdell raised the total number of cleared FDI application to 11 with an expected investment of Rs 2,067.98 crore. Cloverdell’s investment will be directed to introduce the foreign equity directly into the operating Non Banking Finance Company (NBFC) like the companies engaged in commodity broking, stock broking, housing finance and depository participant service.