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Union Government approved 21 FDI proposals worth 281 crore rupees

These FDI proposals were based on recommendations of the Foreign Investment Promotion Board (FIPB).

May 26, 2015 11:34 IST
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Union Government on 25 May 2015 approved 21 proposals of Foreign Direct Investment (FDI) worth 280 crore rupees. These FDI proposals were based on recommendations of the Foreign Investment Promotion Board (FIPB).

Some of approved FDI proposals are:
•    La Renon Healthcare’s proposal to invest 100 crore rupees in a brownfield project.
•    Blue Dart Express’s proposal to acquire shares in Blue Dart Aviation Ltd and hike shareholding from 49 percent to 74 percent.
•    Quickjet Cargo Airlines proposal to increase foreign shareholding in the company to 74 percent from 62.34 percent. The deal will entail FDI worth 14.40 crore rupees.
•    Forever Living Imports (India) Pvt Ltd’s 18.30 crore rupees proposal to undertake single brand retailing of Forever brand products in India.
•    Farnair Switzerland A.G's proposal for the purchase of shares of Quickjet Cargo Airlines Pvt Ltd from its existing shareholder and subscribe to fresh shares.
•    Thornton Tomasetti Inc's proposal to set up a LLP to carry out the activities of engineering, design, investigation and analysis services to customers worldwide.
•    Vivimed Labs Limited's proposal seeking approval for issuance of warrants to a foreign investor.
•    IPG advertising and business services Pvt Ltd's proposal for its conversion into a Limited Liability partnership firm.

However, FIPB deferred 12 proposals including that of Mumbai-based Kotak Bank for increasing the aggregate foreign investment limit to 55 percent in the bank.

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