|The Central government has approved 12 proposals for foreign direct investment (FDI) amounting to Rs. 1,827.24 crore.|
The proposals were approved by the Foreign Investment Promotion Board (FIPB) at its meeting on December 19.
A proposal relating to HDFC Bank has been recommended for consideration by the Cabinet Committee on Economic Affairs. This is because the bank's proposal involves investment of over Rs. 1,200 crore.
HDFC Bank has sought approval to issue equity shares aggregating Rs. 10,000 crore to NRIs/FPIs/FIIs, subject to the aggregate foreign shareholding not exceeding 74 per cent of the post-issue paid-up capital.
The FDI proposals approved include Ratnakar Bank Ltd. (FDI of Rs. 1,150 crore), Tevapharm India (Rs. 422 crore) and Fresenius Kabi India Pvt Ltd. (Rs. 198.80 crore). Proposals approved under the automatic route include Aequs Pvt Ltd. (Rs. 40 crore) and Haylard Health Inc, USA (up to Rs. 25 crore).