FinMin approves 18 foreign direct investments

However, a proposal by Pepsi India for extension of time for the mandatory divestment condition which requires it to offer a part of its equity stake to Indian shareholders has been deferred.  Another proposal deffered was by DLF Limitless Developers to issue shares in lieu of pre-incorporation expenses.

The Manipal group that runs a university and many professional educational institutions in India and abroad, has got approval to induct foreign equity in a holding company. 

 

Chidambaram gave approval to these proposals on the recommendation of Foreign Investment Promotion Board (FIPB), which met on May 9, a Finance Ministry statement said. 

A proposal by Freightcar America Inc to set up a joint venture with an investment of Rs 78 crore to undertake test marketing of aluminum railcars besides other activities has also been approved. 

Vodafone Essar also got approval to convert operating company into an operating cum holding company to make downstream investment in a company engaged in telecom infrastructure business. 

However, the proposal of Sweden's Aktiebolaget Volvo has been recommended for the consideration of Cabinet Committee on Economic Affairs as the investment is over Rs 600 crore.