THE government has cleared 34 foreign direct investment (FDI) proposals worth Rs 1,615 crore. It has, however, rejected Tata Investment Company’s proposal to issue warrants worth Rs 400 crore to its NRI shareholders. The company had proposed to issue zero-coupon convertible bonds with detachable warrants to the company’s equity shareholders on a rights basis.
As many as 13 FDI proposals got deferred, which includes those from Dun & Bradstreet, Hiranandani and Dow Jones, among others. While Hiranandani had proposed to convert the operating company into an operatingcum-holding company, Dun & Bradstreet wanted to make investment in funds from its internal accruals or out of fresh ones.
The foreign investment promotion board (FIPB) approved a Rs 300 crore proposal of HBS Realtors to convert its operating company to operating-cum-holding company. Barwa International also got the FIPB approval to invest Rs 400 crore through similar mode. Sumitomo Corporation received FIPB nod for making investments worth Rs 160 crore. Universal Biofuels’ proposal to invest Rs 200 crore for making downstream investment in subsidiaries and auto major Mahindra & Mahaindra’s proposal to set up a joint venture company were also given clearance by the government.
In a stride towards stabilizing and boosting economy the Finance Minister Nirmala Sitharaman introduced a new strategy to refund duties and taxes on exports, simple export credit and extra fund More
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