Government approved 13 FDI proposals worth Rs 1,524.70 crore including one by steel major ArcelorMittal for its operations in India and by Cyprus-based Golboot Holdings.
NEW DELHI: Government on Friday approved as many as 13 FDI proposals worth Rs 1,524.70 crore including one by steel major ArcelorMittal for its operations in India and by Cyprus-based Golboot Holdings, which is reportedly pumping in Rs 700 crore in corporate major Mahindra & Mahindra.
"Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on June 4, Finance Minister P Chidambaram has approved 13 proposals of Foreign Direct Investment (FDI) amounting to Rs 1,524.70 crore," said a Finance Ministry statement.
The global steel major ArcelorMittal has proposed to convert operating company in India into operating-cum-holding company to make downstream investment.
Cyprus-based Golboot Holdings has proposed to induct Rs 700 crore by subscribing unsecured and compulsorily convertible debentures subject to approval from its Indian partners.
Earlier last month, Mahindra and Mahindra had informed the BSE that it would raise funds at 9.25 per cent per annum by issuing over 93 lakh unsecured fully and compulsorily convertible debentures (FCDs) of face value of Rs 745 each aggregating Rs 700 crore to Golboot Holding Ltd, an entity controlled by Goldman Sachs.
The company board also gave its approval to the proposal on Thursday. The FCDs are proposed to be converted into equity shares in next 18 months. With this investment, Golboot Holdings Ltd would own 3.68 per cent of post issue paid up equity share capital of the company.
Finance Minister also gave his approval to the proposal of Mumbai-based India Rizing Fund to accept Rs 550 crore FDI from overseas investors and to issue shares against money received for making investment in defence SME sector.
Other proposals, which got approval included Hyderabad based Gayatri Infra Venture's to offload 49 per cent stake for Rs 200 crore and Deutsche Bank's for acquiring 5 per cent stake in the Delhi Stock Exchange.
Indiabulls Power Generation has also got approval for converting operating company into an operating cum holding company for making further downstream investments.
Another proposal of Apollo Group to induct Rs 61 crore by issuing IPO and pre-IPO placement of equity shares of compulsorily convertible preferential shares.
However, the proposals of Top Security and Rish PTE were deferred.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}