Originally published January 29th 2013
The Finance Minister has approved four proposals of foreign
direct investment totaling of Rs 280 crore, which includes IT giant
Wipro, settled on testimonial of Foreign Investment Promotion Board
(FIPB). The proposal of Wipro Ltd., Bangalore, for movement of
shares by way of barter resulting to a deuniting of non-IT
activities was authorized.
Likewise, IvyCap Ventures Trust has been permitted NRI investment
of Rs.200 crore through average banking channels in compliance with
Foreign Exchange Management Act (FEMA) Regulations and the existing
FDI Policy. The FIPB has also absolved the Rs.80 crore proposal of
Spanco Power Distribution Ltd. to act as an investing company and
build downstream investments in power arrangement sector.
However, FIPB postponed the proposal of Yalamanchili Software
Export Ltd. for transition of non-repatriable stake held by
majority shareholder to repatriable stake and share trade of this
holding to shares of a foreign company. Last week, the nodal agency
had absolved Rs.10,000 crore investment proposal of Swedish
furniture leading IKEA to launch retail stores in the country with
cafeteria. It previously okayed IKEA to spend Rs.4,200 crore for
launching single-brand retail stores.
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