Central govt approved 16 overseas investment proposals

NEW DELHI —
Indian government has sanctioned 16 overseas proposals, as govt expecting business more than 9.24billion rupees ($207million) in the form of Foreign Direct Investment (FDI). In the previous month meeting these proposals has been approved by the cabinet committee as Foreign Investment Promotion Board (FIPB) has referred it.
Whereas L&T Finance Holdings has got consent to increase its Initial Public offerings (IPO) by 4 billion rupees from foreign investors as part of its private placement. However there are several other companies also has received approvals but yet no fresh inflows of cash have been specified. Centum Electronics of Bangalore is one such, which expects to undertake additional defence-related spending, and Star News Broadcasting.
Apart from this those who have got approvals including Soma Toll ways Pvt. Ltd. for investments worth 5 billion rupees in an investing company and Global Gourmet Pvt. Ltd. for issue of shares on a partly paid basis to develop the company’s food-processing business. According to the reports investment board have postponed the 14 proposals comprising of financial companies Natixis Global Asset Management and BNP Paribas on the other hand seven proposals were rejected and two were withdrawn by the applicants.





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