Govt clears Rs 2,500 cr FDI plan from Mauritius-based Indium

NEW DELHI: The government on Wednesday approved a proposal by the Mauritius-based fund house, Indium, to invest Rs 2,500 crore in a fund managed by private equity firm India Value Fund (IVF).

"The Cabinet Committee on Economic Affairs (CCEA) today gave its approval to the proposal of Indium IV (Mauritius) Holdings as recommended by the Foreign Investment Promotion Board (FIPB)," the Government said in a statement today.

In November, the FIPB, the nodal body that clears foreign investments, had referred the proposal to the CCEA as the FDI value was above the threshold limit that it is empowered to clear.

"The approval would result in FDI amounting to Rs 2,500 crore (about USD 500 million) in the country," it said.

Indium would invest the amount through its wholly-owned subsidiary Indium Mauritius in the unit of India Value Fund, the statement said.