THE government has cleared 34 foreign direct investment (FDI) proposals worth Rs 1,615 crore. It has, however, rejected Tata Investment Companyâ€™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 companyâ€™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 Biofuelsâ€™ proposal to invest Rs 200 crore for making downstream investment in subsidiaries and auto major Mahindra & Mahaindraâ€™s proposal to set up a joint venture company were also given clearance by the government.
Every time an offender stealthily leaves India to take refuge in another country, the Government of India starts all over again with its strategy of bringing him back to the nation to make him stan More
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