Three FDI proposals worth Rs 38 cr cleared

Three proposals entailing Rs 38.09 crore (Rs 381 million) in foreign direct investment (FDI) have been cleared, the finance ministry said on Tuesday.

Equitas Holdings has been given permission to increase FDI percentage in an investing company by way of share transfers. The proposal entails investment of Rs 36.09 crore (Rs 361 million).

"The central government has approved three proposals of FDI amounting to Rs 38.09 crore approximately," the ministry said in a statement.

The Foreign Investment Promotion Board (FIPB) had taken up these three proposals in its meeting in August, but the decision on them was kept in abeyance.

Franklin Templeton Asset Management (India) got the government's nod to act as an investment manager to various AIFs (alternative investment funds) and to contribute the mandatory amounts specified under the SEBI (AIF) Regulations.

The other proposal that has been cleared was that of Chennai based Migatronic India Pvt Ltd.

The statement further said IL&FS Securities Services withdrew its request from the FIPB.

It further said that the FIPB deferred decision on proposal of Castleton Investment Ltd, Mauritius and GlaxoSmithKline Pte Ltd, Singapore. The proposal related to pharma sector.

The investment promotion board also deferred decision on the application of Eurecat India Catalyst Services, Gujarat.

The next meeting of the FIPB is scheduled to be held on October 18.