Government approves 16 FDI proposals worth Rs 4,722 cr

Sixteen Foreign Direct Investment (FDI) proposals amounting to Rs 4,722 crore has been cleared by the government. The proposals include majors like HDFC Capital and Ageon Religare Life Insurance Company.

The investment proposals were approved following the recommendation by the Foreign Investment Promotion Board (FIPB), headed by Economic Affairs Secretary Shaktikanta Das.

“The government has approved 16 proposals of foreign direct investment amounting to Rs 4,722 crore,” the Finance Ministry said in a statement.

However, it rejected 8 proposals including that of Cipla Health Limited and Apollo Hospitals Enterprise Limited.

The investment board cleared the proposal of HDFC Capital Advisors Limited which alone entails investments of Rs 2,400 crore.

The company sought approval for issue of units to Green Light, it said.

“HDFC Fund proposes to make investments in equity, equity linked instruments, redeemable preference shares, non-convertible debentures and other debt securities of listed or unlisted investee companies engaged in real estate construction development projects which are permitted under the SEBI AIF Regulations as a Cateqory II AIF,” it said.

Besides, Ageon Religare Life Insurance’s proposal worth Rs 559.96 crore was cleared by investment board FIPB.

The approval was sought for the transfer of shares to Aegon India Holding thereby raising the foreign shareholding from 26 per cent to 49 per cent.

Among others, Sun Pharma Research Advanced Company Ltd’s proposal worth Rs 250 crore, Synergia Life Sciences Pvt Ltd’s worth Rs 40 crore and the post facto approval for Aditya Birla Nuvo’s Rs 377-crore plan were cleared during a meeting held on September 29.