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Business Economy


Govt approves 9 FDI proposals worth Rs 659 cr

Govt approves 9 FDI proposals worth Rs 659 cr

New Delhi, Mar 24 (UNI) The government today said it has approved nine Foreign Direct Investment (FDI) proposals, entailing an investment of Rs 659 crore. “Based on the recommendations of the Foreign Investment Promotion Board (FIPB) … the government has approved nine (9) FDI proposals involving Foreign Direct Investment (FDI) of Rs 659 crore,” the Finance Ministry said in a statement. Netmagic Solutions Private Limited, whose FDI proposal worth of Rs 533.38 crore, has been granted, plans to increase in the foreign shareholding of the company from 81.63 per cent to 100 per cent by NTT Communications Corporation, Japan. Vodafone India Limited, which sought permission for acquisition of 100 per cent shares in You Broadband India Limited by way of transfer from resident shareholders and non-resident shareholder, has been also granted and would bring investment worth of Rs 55.09 crore. Other approved proposals are JCDecaux Advertising India Private Limited, Dr. Reddy’s Laboratories Limited and Atria Convergence Technologies Private Limited. Three proposals have been recommended for Cabinet Committee on Economic Affairs (CCEA) approval that includes Apollo Hospitals Enterprise Limited, Twin Star Technologies Limited and Flag Telecom Singapore Pte Limited. UNI ASH ADG 1649

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