The government today cleared 17 FDI proposals, that will bring in Rs1,158.78 crore, most of which would be contributed by the world's largest steel maker, ArcelorMittal, and ductile iron pipe maker Electrosteel Castings.
The government has allowed ArcelorMittal to pick additional stakes in Uttam Galva and Electrosteel Castings to issue securities to foreigners that will together chip in over Rs1,100 crore of FDI.
However, a proposal by Jaipur IPL Cricket Pvt Ltd (JIPL), owners of the 'Rajasthan Royals' IPL cricket team, for inducting over $5.82 million (about Rs26.7 crore) equity was rejected.
A proposal by Jet Airways (India) Ltd was referred to the Cabinet Committee on Economic Affairs as it involves FDI of over Rs600 crore. The proposal is for bringing in FDI of Rs2,000 crore.
A proposal by food and beverages major Pepsico to induct additional equity worth 200 million dollars (about Rs930 crore) in its Indian subsidiary was deferred.
ArcelorMittal will, however, have to get clearance from market regulator SEBI as well to pick additional stake in Uttam Galva through an open offer.
The company has already bought 5.6% stake in Uttam Galva and is planning to buy additional 29.4% in the Indian firm through open offer.
Comments