India - FIPB clears 8 FDI Proposals worth Rs 1311 crore: Update from Nair & Co. International Expansion Services Team (Sunnyvale, CA) - The government announced its approval for eight foreign direct investment (FDI) proposals worth around Rs 1,311.54 crore based on the suggestion of the Foreign Investment Promotion Board (FIPB) in its meeting held on June 14. The FIPB has delayed its judgment on the Jet Airways’ application to make a preferential allotment of 24 per cent equity shares to Etihad Airways. The Norwegian telecom giant Telenor Mobile Communication AS’s application to set up a joint venture company for an investment of Rs 1,000 crore to raise its stake in Telewings to 74 per cent from prevailing 49 per cent, has been approved by the Board. Among the other FDI applications, that have received the government’s nod, is that of Mahle Holding India Ltd, which proposes to pump in around Rs 280 crore. Kolkata-headquartered non banking financial institution company (NBFC) Srei Infrastructure Finance has been allowed to set up ‘White label ATMs’. UK-based Aveva Solutions Ltd has got the go-ahead to set up a limited liability partnership (LLP) firm for software development. This will get a capital inflow of Rs 8.39 crore into India. However, the proposal of Multi Commodity Exchange (MCX)-a new stock exchange to bring in foreign investment was rejected by the board, an official release by the government reveals. Decisions on 10 applications are deferred, while six proposals have been rejected. The FIPB meet, headed by the Economic Affairs Secretary Arvind Mayaram, is scheduled again on July 5 wherein 30 items are on the meeting agenda. For more information about doing business overseas or to know more about our International Expansion Services team please contact us. Subscribe to regular global tax compliance alerts from Nair & Co. International Business Guide (IBG) is our online platform for companies wishing to optimize their multinational operations and would like to have specific business information for doing business in a particular country - Click Here.
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