General

Government approves FDI proposals worth Rs 24.56 cr

NewsGram Desk

The government on Thursday said that it has approved foreign direct investment (FDI) proposals worth Rs 24.56 crore, including one from Sterling Commerce Solutions India.

"During the month of October, the Department of Economic Affairs (DEA), Ministry of Finance has disposed off three FDI proposals aggregating to foreign investment of Rs 24.56 crore," an official statement said.

The proposal of Sterling Commerce Solutions India, worth Rs 24.56 crore of FDI, has been approved that seeks to issue shares to the shareholders of three wholly owned subsidiaries of IBM India upon their merger with the company.

Another proposal from Arval India, which does not require any additional FDI, has been approved to undertake the activity of financial lease in addition to the current activity of operating lease, the statement said.

The ministry said that a proposal from Ivanhoe India Equities Inc to provide investment advisory services to overseas entities by a yet to be incorporated Indian investee company has been returned as it was premature.(IANS)

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