FIPB clears 20 FDI proposals worth Rs 916 crore
Twenty foreign direct investment (FDI) proposals worth Rs 916 crore, including Rs 305-crore Tata-Singapore Airlines joint venture proposal, have been approved by the Foreign Investment Promotion Board (FIPB).
Tata's proposal to set up an airline joint venture in partnership with Singapore Airlines gained the FIPB's nod after the two partners assured authorities that the control of the company would remain in Indian hands. Tata Sons will initially invest $51 million in the JV, while its Singaporean partner will invest $49 million. In the similar way, Tata Sons will hold 51 per cent stake in the JV, while Singapore Airlines will own the remaining 49 per cent.
The list of other proposals cleared by the FIPB includes proposals of Religare Enterprise, JM Financial, Perrigo API India Ltd, Nuance Group AG, Emerald Group Publishing, and the Netherlands-based Hardinge Machine Tools.
While telecom giant SingTel's proposal to increase its stake in its Indian venture from current 74 per cent to 100 per cent was kept in abeyance; JM Financial's Rs 22.19-crore proposal to issue warrants to establish a core investment firm was approved by the agency.
The FIPB also approved Perrigo API India Ltd's proposal to hike its stake from current 85 per cent to 100 per cent by issuing fresh equity shares and via transferring of equity shares from resident to non-resident shareholders in a pharmaceutical sector firm by investing Rs 130 crore.