Govt approves 4 FDI proposals worth Rs 280 cr
New Delhi: The government Monday said it has approved 4 foreign direct investment (FDI) proposals, including that of IT giant Wipro, totalling Rs 280 crore.
The proposal regarding Wipro sought transfer of shares by way of swap consequent to a demerger of non-IT activities.
Besides, IvyCap Ventures Trust has been allowed NRI investment of Rs 200 crore through normal banking channels in compliance with Foreign Exchange Management Act (FEMA) Regulations and the extant FDI Policy.
The Foreign Investment Promotion Board (FIPB) has also cleared the Rs 80 crore proposal of Spanco Power Distribution Ltd to act as an investing company and make downstream investments in power distribution sector.
As per the statement issued by the Finance Ministry, the only other proposal cleared by FIPB is GPX India Pvt Ltd. It had sought permission to issue equity shares to the foreign collaborator against import of machinery equipment for setting up a domestic Other Service Provider Data Centre.
However, FIPB deferred the proposal of Yalamanchili Software Export Ltd for conversion of non-repatriable equity held by majority shareholder to repatriable equity and share swap of this holding to shares of a foreign company.
Last week, the nodal agency for approving FDI proposals had cleared Rs 10,000 crore investment proposal of Swedish furniture major IKEA to set up retail stores in the country with cafeterias.
The FIPB had earlier permitted IKEA to invest Rs 4,200 crore for opening single-brand retail stores.