FDI worth Rs 1,287 cr cleared; IKEA's case not taken up
Quotes

FDI worth Rs 1,287 cr cleared; IKEA's case not taken up

Last Updated: Tuesday, January 15, 2013, 19:04
 
 Comment 0
 
FDI worth Rs 1,287 cr cleared; IKEA's case not taken up
New Delhi: The government on Tuesday cleared four FDI proposals totalling about Rs 1,287 crore, but Swedish furniture major IKEA's proposal for setting up cafeterias in retail outlets was not taken up for consideration.

The proposal of Ingka Holding Overseas BV, IKEA's parent company, was withdrawn from the agenda of the board's meeting, the Finance Ministry said in a statement.

IKEA plans to open cafeteria at its proposed retail stores. The FIPB has already permitted Swedish furniture major IKEA to invest Rs 4,200 crore to open single-brand retail business.

"Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on December 31, 2012, the Central Government has approved four proposals of Foreign Direct Investment (FDI) amounting to Rs 1,286.75 crore approximately," the statement said.

Of the four proposals approved, Hospira Healthcare's plan to induct Rs 1,194.75 crore foreign equity to acquire manufacturing facilities in pharmaceuticals sector was the significant one.

The Foreign Investment Promotion Board, headed by Economic Affairs Secretary Arvind Mayaram, also approved Mumbai-based Perrigo API's proposal to induct foreign equity worth Rs 55 crore to carry out manufacturing of pharma inputs.

Besides, Kolkata-based Pran Beverages proposal to increase foreign equity to the tune of Rs 30.25 crore for manufacturing beverages was also cleared by the FIPB.

It also approved telecommunications firm InterCall Asia Pacific Holdings' proposal worth Rs 6.75 crore to set up a wholly-owned subsidiary.

The board also deferred two proposals -- Alliance Insurance brokers Ltd and Netherlands-based Aon Holdings BV.

PTI


First Published: Tuesday, January 15, 2013, 19:04


Comments


comments powered by Disqus
G20 Summit 2014
G20 Summit 2014
2014`s Top People in Business: Fortune
2014`s Top People in Business: Fortune
World Bank`s Top 10 Places for Business
World Bank`s Top 10 Places for Business
India`s top ten billionaires
India`s top ten billionaires
Top 10 billionaire cities- In Pics
Top 10 billionaire cities- In Pics

Web Wrap
Contact Us : Privacy Policy : Legal Disclaimer
Copyright © Zee Media Corporation Ltd. All rights reserved