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New Delhi: The government on Tuesday cleared 17 Foreign Direct Investment proposals worth Rs 1,158.78 crore, which included steel major ArcelorMittal’s acquisition of 35% stake in Uttam Galva for Rs 500 crore.
The Foreign Investment Promotion Board (FIPB) however rejected five proposals, including ‘Rajasthan Royal’ owner Jaipur IPL Cricket Ltd’s proposal to infuse foreign equity worth Rs 26.7 crore. According to the finance ministry release, the proposal of the company was to “induct 100% foreign equity by way of issue of shares for consideration other than cash inflow,”
Arcelor Mital’s proposal is to inject foreign equity in Uttam Galva, which is engaged in manufacture of cold rolled semi-finished iron and steel products. The release also added that the FIPB referred a proposal by Jet Airways for foreign equity investment of Rs 2,000 crore to the Cabinet Committee on Economic Affairs (CCEA). In addition, Mauritius based Indium IV’s proposal to bring in Rs 2,500 crore for investment purposes has also been referred to the CCEA. According to the norms, FDI proposals which are more than Rs 600 crore are referred to the CCEA.
The FIPB deferred 12 proposals, which will be considered in its later meetings. These include New York based Mercer’s proposal to set up a Joint venture in the Insurance sector and a JM Financial Asset Reconstruction Company’s proposal to induct foreign equity in a company based in the Asset Reconstruction sector.
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