Mumbai: Government on Tuesday approved 16 foreign direct investment (FDI)proposals worth Rs 9240 crore ($207 million), including financial services firm L&T Finance Holdings’ plan to raise 4 billion rupees in a pre-share-sale placement.
India received $3.4 billion worth of FDI in the first quarter of this calendar year, about a third lower than the $5.1 billion it attracted in the year-ago period , government data showed.
The government has approved a proposal by L&T Finance Holdings, a unit of the country’s largest engineering and construction firm Larsen & Toubro , to raise Rs 400 crore in a placement of shares prior to its initial public offering (IPO), the statement said.
L&T Finance Holdings raised its planned IPO size by $59 million to $392 million in March and said it would raise funds via a pre-IPO placement.
The government also approved a Rs3.75 crore proposal of Vivimed Labs , which makes ingredients for the personal care industry, to undertake the manufacturing of organic chemicals and pharmaceuticals.
The government deferred a decision, without giving any reason, on 14 proposals including that of BNP Paribas’ plan to set up a wholly owned subsidiary to act as an investing company.
CALS Refineries’ proposal to raise Rs 1,425 crore via a global depository receipts issuance against supply of refinery equipment has been referred to a cabinet committee, the statement said.
The proposals to raise FDI by PTC Financial Services and Tata Steel were withdrawn by the applicants, the statement added, without giving details.