FIPB clears 20 FDI proposals worth Rs 916 crore

Nov 20 2013, 03:56 IST
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SummaryThe foreign investment promotion board (FIPB) has cleared 20 foreign direct investment (FDI) proposals totaling R915.83 crore

The foreign investment promotion board (FIPB) has cleared 20 foreign direct investment (FDI) proposals totaling R915.83 crore, according to a finance ministry statement. Among the proposals cleared on October 24 was that of Tata and Singapore airlines to form a new joint venture for a domestic carrier. Singapore Airlines is investing about R303 crore ($49 million) in the new airline. Some other proposals that got the nod include Intas Pharma's existing foreign investor Mozart Ltd's offer for sale to carry out the business of pharmaceutical sector for R225 crore and Perrigo's increase in stake of its Indian unit from 85% to 100%, for R130 crore. The proposal for increasing foreign equity in Federal Bank to 74% was forwarded to the cabinet committee of economic affairs since it is worth R1,400 crore, above the R1,200-crore threshold limit required for the FIPB clearance. The proposal of Singapore telecom company SingTel to increase stake in its Indian unit to 100% was deferred.

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