The Foreign Investment Promotion Board seems to have laid to rest the controversy surrounding FDI investments routed via Mauritius.
The Foreign Investment Promotion Board has pulled up the department of revenue for rejecting all foreign direct investment proposals in which funds are routed through Mauritius and said it has taken a conscious policy decision to overrule such objections.
Auto, tourism exceptions but major sectors otherwise saw decline in FY13 inflows.
In a continued push to spiritual tourism, there will be a focus on destinations related to the life and times of Lord Buddha.
The government on Wednesday cleared 21 FDI proposals worth Rs 84.90 crore (Rs 849 million), most of which is likely to be brought in by the world's largest chemical company BASF through an open offer.
The health ministry plans to oppose the application from Japan Tobacco International Ltd, the world's third largest tobacco company, to the Foreign Investment Promotion Board to raise its stake in its Indian venture from 50 to 74 per cent. The application is slated for consideration in the FIPB meeting on Tuesday.
The government on Wednesday said it has cleared Norwegian telecom firm Telenor's proposal to invest Rs 1,000 crore in a joint venture company in the telecom sector.
The government on Friday cleared 21 foreign direct investment proposals envisaging Rs 35.55 crore (Rs 355.5 million) investment, including Rs 27 crore (Rs 270 million) proposal by Advanced Mineral Asia Pte.
Government has approved 25 foreign direct investment proposals, including those of Citicorp International Finance and Suzuki Motor Corporation that will bring in Rs 145.12 crore (Rs 1.45 billion) into the country.
The proposal was cleared by the Foreign Investment Promotion Board, Finance Ministry said in a statement.
The FIPB referred the matter to the law ministry today.
The Foreign Investment Promotion Board (FIPB) has rejected a proposal by Mauritius-based Axiata Investments 2 India Ltd, part of Asian telecom giant Axiata Group, to increase its stake in Idea Cellular by acquiring shares from the stock exchange.
The Bombay Stock Exchange has agreed to sell 41 per cent stake to a clutch of domestic and foreign investors for about 385 million dollars, subject to regulatory approvals.
The government on Wednesday cleared 21 foreign direct investment proposals worth Rs 18.46 crore.
The proposed FDI of Rs 503.37 crore (Rs 5.03 billion) by ArcelorMittal, Netherlands, has been approved by the Foreign Investment Promotion Board, the finance ministry said in New Delhi.
The proposals, approved by Finance Minister P Chidambaram on the recommendation of Foreign Investment Promotion Board, also included the offer from cement manufacturer Lafarge India for merger of Lafarge India Holding Pvt Ltd with Lafarge India Pvt Ltd, according to the finance ministry. The Lafarge's proposal was cleared as per the order of Bombay high court, a finance ministry statement said.
The Aircel-Maxis row on Monday led to fresh uproar in Rajya Sabha with the Opposition targeting with fresh allegations the son of Home Minister P Chidambaram, who denied any wrongdoing and said the company in question -- Advantage Consulting -- could be probed by the finance ministry.
The United Progressive Alliance government has rejected Janata Party chief Subramanian Swamy's allegations against Home Minister P Chidambaram in the Aircel-Maxis equity issue saying they were "totally baseless".
Finance Minister Jaswant Singh on Monday approved 34 foreign direct investment proposals worth Rs 77.11 crore (Rs 77.1 million).
The much-awaited guidelines on foreign direct investment in telecom are expected to be notified this month with companies likely to be given a maximum of four months
Besides doubts relating to round tripping of investments through Mauritius, the proposal was earlier rejected on the ground that there were no details about the offshore entity.
The government on Tuesday cleared 23 foreign direct investment proposals worth Rs 63.41 crore (Rs 634 million).
The government cleared 15 foreign direct investment proposals worth Rs 70.1 crore (Rs 701 million) including that of Honda Motor, Teva Pharmaceuticals, Fijitsu, Atlanta Electricals and Marubeni Corporation.
Financial power-house JP Morgan's Rs 175 crore (Rs 1.75 billion) investment in its Indian arm was among the 44 foreign direct investment proposals worth Rs 222.19 crore (Rs 2.22 billion) cleared by the government on Tuesday.\n\n\n\n
The proposals were cleared by Commerce and Industry Minister Arun Shourie on the basis of recommendations made by the Foreign Investment Promotion Board, an official release said.
The Foreign Investment Promotion Board has cleared a proposal by German plastic moulding major Ralf Schneider to set up a wholly-owned subsidiary in India, setting aside objections raised by its former Indian partner Larsen & Toubro under Press Note 1 of the Foreign Direct Investment policy.
"There could be a slight delay in getting the approval from SEBI, so there could be few days delay in starting the open offer but we are still on target to complete this transaction by middle of December."
The divestment ministry is approaching the Foreign Investment Promotion Board for permission to allow foreign institutional investors, NRIs and overseas corporate bodies to participate in the ensuing public offer for government stake in MUL.
Hong Kong-based Hutchison Telecom International Ltd, which sold its majority stake in Hutch-Essar to Vodafone, has already made its final submission before the investment regulator.
The Union government on Friday cleared 25 foreign direct investment proposals worth Rs 201.58 crore (Rs 2.02 billion), including one for the development of integrated township in Bangalore.
The government on Tuesday approved 30 foreign direct investment proposals amounting to Rs 305.29 crore (Rs 3.05 billion), including the proposal of Japanese firm Kansai Paints to acquire stake in Mumbai-based GoodLass Nerolac Paints for Rs 104.27 cro
Starbucks Coffee International, the world's biggest coffee chain is finally entering India.
A battle is brewing in the families which run the Jagran group of newspapers. The group's flagship brand, Dainik Jagran, is the country's largest circulated newspaper.
Finance Minister Jaswant Singh has cleared 38 foreign direct investment proposals worth Rs 121.46 crore (Rs 1,214.6 million), including those of the United States-based Nalco Chemicals and French company FCI.
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