FIPB clears seven FDI proposals worth Rs 5,240 crore

NEW DELHI: FIPB has approved seven Foreign Direct Investment ( FDI) proposals worth Rs 5,240 crore including that of India Advantage S4 I, L&T Finance Holdings and Strugence Debt Fund.

"Based on the recommendations of Foreign Investment Promotion Board (FIPB)...the Government has approved seven proposals of FDI amounting to Rs 5,240.35 crore", a Finance Ministry statement said today.

The clearances, it said, were given based on recommendations of FIPB meeting held on November 9, 2015.

FDI approval to India Advantage Fund S4 I, an alternate investment fund, will bring in Rs 2,950 crore of foreign capital.

Paragon Partners Growth Fund will bring in foreign money to the tune of Rs 985 crore; L&T Finance Holdings Rs 707 crore; and Extramarks Education India Rs 403.15 crore.

Strugence Debt Fund will fetch foreign capital worth Rs 99 crore; Agio Image Limited Rs 75 crore; and Menterra Venture Advisors Private Limited Rs 21.2 crore.

However, the FIPB deferred four FDI proposals including that of trade advisory NBFC firm Sharekhan Limited.

A total of five FDI proposals were rejected by the Board while one proposal was not brought before it.