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The Department of Economic Affairs, Ministry of Finance disposed off two FDI proposals involving FDI of Rs.1.90 crore during November 2017

Capital Market 

During the month of November 2017, the Department of Economic Affairs (DEA), Ministry of disposed off two proposals involving Foreign Direct Investment (FDI) of Rs.1.90 crore,

1. The following one (01) proposal has been approved:

S. No Name of the applicant Gist of the proposal (Rs. in crore)1

Wells Fargo International (India) Pvt Ltd

Approval sought for issuance of equity shares to M/s Wells Fargo International LLC and M/s Wells Fargo International Banking Corporation for meeting obligations pertaining to certain pre-operative/pre-incorporation expenses and the proposed voluntary liquidation of Wells Fargo India.

1.90 crore

2. The following one (01) proposal has been rejected:

S. No Name of the applicant Gist of the proposal1

SBI Macquarie Infrastructure Management Pvt Ltd

Approval sought for undertaking capital and profit repatriation to shareholders, and to continue to act as an asset manager and investment advisor without minimum capitalization norms.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, December 06 2017. 11:41 IST