Govt approves 4 FDI proposals worth Rs280 cr

FDI proposals of Wipro, IvyCap Ventures, Spanco Power, GPX India cleared by the FIPB
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First Published: Mon, Jan 28 2013. 09 58 PM IST
The proposal regarding Wipro sought transfer of shares by way of swap consequent to a demerger of non-IT activities. Photo: Hemant Mishra/Mint
The proposal regarding Wipro sought transfer of shares by way of swap consequent to a demerger of non-IT activities. Photo: Hemant Mishra/Mint
New Delhi: The government on Monday said it has approved four foreign direct investment (FDI) proposals, including that of IT giant Wipro, totalling Rs280 crore.
The proposal regarding Wipro sought transfer of shares by way of swap consequent to a demerger of non-IT activities.
Besides, IvyCap Ventures Trust has been allowed non-resident Indian (NRI) investment of Rs200 crore through normal banking channels in compliance with Foreign Exchange Management Act (FEMA) Regulations and the extant FDI policy.
The foreign investment promotion board (FIPB) has also cleared the Rs80 crore proposal of Spanco Power Distribution Ltd to act as an investing company and make downstream investments in power distribution sector.
As per the statement issued by the finance ministry, the only other proposal cleared by FIPB is GPX India Pvt Ltd. It had sought permission to issue equity shares to the foreign collaborator against import of machinery equipment for setting up a domestic Other Service Provider Data Centre.
However, FIPB deferred the proposal of Yalamanchili Software Export Ltd for conversion of non-repatriable equity held by majority shareholder to repatriable equity and share swap of this holding to shares of a foreign company.
Last week, the nodal agency for approving FDI proposals had cleared Rs10,000 crore investment proposal of Swedish furniture major IKEA to set up retail stores in the country with cafeterias.
The FIPB had earlier permitted IKEA to invest Rs4,200 crore for opening single-brand retail stores.
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First Published: Mon, Jan 28 2013. 09 58 PM IST
More Topics: FDI | Wipro | Spanco Power | FIPB | finnace Ministry |
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