Manipal, a major financial and industrial group in south India that runs university and many professional educational institutions in India and abroad, has got approval to induct foreign equity of Rs 1,435 crore in a holding company.
The Finance Minister gave approval to these proposals on the recommendation of Foreign Investment Promotion Board (FIPB), which met on May 9, said a Finance Ministry statement.
Freightcar America Inc has proposed to set up a joint venture with an investment of Rs 78 crore (Rs 780 million) to undertake test marketing of aluminum railcars besides other activities.
However, the proposals of the realty firm DLF Limitless Developers and software giant Pepsi India was deferred by the FIPB, said the statement.
DLF Limitless Developers had sought approval to issue shares in lieu of pre-incorporation expenses, while Pepsi India wanted the government to waive off the divestment condition which required it to offer a part of equity stake to Indian shareholders.
Vodafone Essar also got approval to convert operating company into an operating cum holding company to make downstream investment in a company engaged in telecom infrastructure business.
Meanwhile, the proposal of Sweden's Aktiebolaget Volvo has been recommended for the consideration of Cabinet Committee on Economic Affairs as the investment is over Rs 600 crore (Rs 6 billion).
However, the Volvo's proposal to induct foreign equity up to 8.1 per cent through acquisition of shares at an investment of Rs 123 crore (Rs 1.23 billion) was approved, subject to Press Note 1 condition that would require the approval of its Indian partner.
The FIPB has asked the Lotte Confectionery, Korea and ICICI Securities to access automatic route as their proposals do not require its approval, said the statement.
Finance Minister also gave his approval to the proposal of Cobra Beer to change the status of Indian company into operating-cum-holding company and to make downstream investment by way of acquiring up to 76 per cent stake in Iceberg Industries for Rs 20.50 crore (Rs 205 million).
Other approved proposals included Mauritius-based Indivision's to invest Rs 120.04 crore (Rs 1.2 billion) in a company engaged in merchant banking and other non-banking finance activities.
