The Ministry of Finance has approved four foreign direct investment proposals worth around Rs.280 crore, including that of IT giant Wipro, based on recommendation of Foreign Investment Promotion Board (FIPB).
The proposal of Wipro Ltd., Bangalore, for transfer of shares by way of swap consequent to a demerger of non-IT activities was approved.
Besides, IvyCap Ventures Trust has been allowed NRI investment of Rs.200 crore through normal banking channels in compliance with Foreign Exchange Management Act (FEMA) Regulations and the extant FDI Policy.
The FIPB has also cleared the Rs.80 crore proposal of Spanco Power Distribution Ltd. to act as an investing company and make downstream investments in power distribution sector.
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 had cleared Rs.10,000 crore investment proposal of Swedish furniture major IKEA to set up retail stores in the country with cafeterias. It earlier permitted IKEA to invest Rs.4,200 crore for opening single-brand retail stores.
by RTT Staff Writer
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