The foreign investment promotion board (FIPB), the apex body that clears foreign capital inflow into the country, has allowed New Delhi-based Capricorn Hospitality Services to seek Rs 576 cr foreign investments worth 49% of its equity. The funds will be used for making downstream investments.
The FIPB has also allowed Hyderabad based Indus Renewable Energy to bring in Rs 500 cr to invest in hydroelectric power projects and Dawnay Day AV India Advisors to infuse a foreign capital of Rs 30 cr to start commodity broking in the country, the
finance ministry said in a statement here.
The board approved investments worth Rs 1,360.5 cr on October 9, the ministry said. The board also allowed Monsanto India to undertake business activities involving genetically engineered cells and material.
The board, however, deferred decisions on Jet Airways’ proposal to raise capital from foreign institutional
investors and Analjit Singh’s and Asim Ghosh’s proposals to divest part of their stake in Vodafone Essar.
Courtesy:- ET dt:- 23-10-2009
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