New Delhi: The Foreign Investment Promotion Board (FIPB) has rejected Mahindra and Mahindra’s proposal to form a defence joint venture with Israel’s Rafael Advanced Defence System even as it approved 12 other foreign direct investment proposals worth Rs 802 crore.
Among the key proposals that received the Government’s green signal is the Rs 300-crore bid by Ratnakar Bank for foreign equity infusion.
The proposal of Swedish furniture major IKEA has been recommended for consideration by the Cabinet Committee on Economic Affairs, an official release said. After the investment board’s clearance, FDI proposals of over Rs 1,200 crore still need clearance by the Cabinet committee.
Taqa Jyoti Energy Ventures has received the Government’s approval to bring in foreign investment of Rs 252 crore while Hyderabad-based Mylan Laboratories can also go ahead with its Rs 173-crore proposal to acquire an existing pharmaceutical manufacturing facility.
The statement said along with M&M, FDI proposals of Coimbatore-based Ampo Valves India and Mumbai-based Berggruen Real Estates have been rejected.
Commodity exchange MCX’s application for post facto approval of foreign investment was withdrawn from the investment board’s agenda. The exchange had sought approval of investment received before the issuance of Department of Industrial Policy and Promotion’s Press Note 2 of 2008 that gave guidelines for foreign investment in commodity exchanges
No comments:
Post a Comment