FIPB clears 20 FDI proposals worth Rs 916 crore

NEW DELHI: The Foreign Investment Promotion Board ( FIPB) has cleared 20 proposals worth Rs 916 crore, including that of Singapore Airlines to form a partnership with Tata Sons to start a full service airline.

The board in its meeting on October 24 cleared 20 proposals worth Rs 915.83 crore, the Finance Ministry said in a statement.

The cleared proposals included the one worth Rs 303.18 crore by Singapore Airlines to set up a 49:51 joint venture company with Tata Sons to operate domestic and international full service scheduled passenger airline.

FIPB also cleared the Rs 179.43-crore proposal of Religare Enterprises to issue warrants to carry out the business of Investment Advisory Services and Financial Consultancy and to make holding investments in the NBFC sector.

The Rs 22.19 crore proposal of JM Financial to issue warrants to set up a core investment company was also approved.

Perrigo API India Ltd's proposal to increase the foreign equity participation from 85 per cent to 100 per cent by way of issue of fresh equity shares and transfer of equity shares from resident to non-resident shareholders in a pharma sector company for an investment of Rs 130 crore was cleared by FIPB.

The other proposals which were cleared include the ones by Netherlands-based Hardinge Machine Tools, Nuance Group AG and Emerald Group Publishing (India).

The FIPB has referred to the Cabinet Committee on Economic Affairs the Rs 1,400 crore proposal of Federal Bank to increase the foreign equity to 74 per cent and for post facto approval for exceeding the foreign equity cap of 49 per cent by 7.16 per cent.

The two proposals -- DLF Limitless Developers and SingTel Global (India)-- was kept in abeyance.

The proposal of DLF was to exit foreign investors and the repatriation of the capital. SingTel's proposal was to hike the foreign equity participation of the existing foreign investor from 74 per cent to 100 per cent in telecom sector company for an investment of Rs 2.98 crore.

Besides, the board has deferred and rejected two proposals each.