Based on the recommendations of Foreign Investment Promotion Board (FIPB), the Indian Government has approved five (05) proposals of Foreign Direct Investment (FDI) amounting to around Rs.1,133.41 crore.
Among them, the Rs.682.43 crore ($110 million) proposal of Tesco Overseas Investments Ltd. to acquire 50 percent of the equity share of the Indian company to engage in the multi brand retail trading products in India through a chain of stores has been approved.
Tikona Digital Networks Pvt. Ltd.’s proposal of Rs.248 crore to Increase foreign equity participation up to 72.58 percent by issuing compulsorily convertible debentures (CCDs) and equity shares to the existing non-resident investors on a rights basis was also approved.
Besides, the proposal of Freseniuis Kabi India Pvt. Ltd. to issue shares to the extent of Rs.200 crore to its parent company (non-resident) has been approved.
The government has deferred three proposals that include HDFC Bank’s proposal to maintain the permissible foreign holding in the bank up to 67.55 percent and HBM Private Equity India, Mauritius, proposal for induction of foreign equity in an existing company in pharma sector.

The proposal of Kineco Kaman Composites-India Pvt. Ltd., Goa, to undertake the additional activity of supplying products and research and development services to the defence sector, alongside its existing activity was also deferred.
The government has kept in abeyance the proposals of Arkadin SAS for acquisition of its parent company, namely Arkadin International SAS by NTT Communication Corporation and G+J International Magazines GmbH Pvt. Ltd. to increase foreign equity participation in an Indian company engaged in publishing specialty and lifestyle magazines up to 100 percent from the 78.75 percent.
The proposal of CGP India Investments Ltd., an indirect subsidiary of the Vodafone Group, to increase foreign equity in Vodafone India Ltd. to 100 percent from the 64.38 percent has been recommended for consideration of CCEA, as the investment involved is above Rs.1,200 crore.