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Construction : Deals | October 2014 | Source : Construction Update

GOI approves 25 FDI proposals amounting to Rs 1546 Crore

Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on August 29, 2014, Government has approved 25 proposals of Foreign Direct Investment amounting to Rs 1546.12 Crore approximately. In addition, Medereich Ltd proposal amounting to Rs 1,800.00 crore has also been recommended for consideration of Cabinet Committee on Economic Affairs. Apart from others, the approvals included AT&T Global Network Services India Pvt Ltd proposal to increase foreign equity participation from existing 98.67% to 100% by way of buy back of shares from Indian investor and Vakrangee Softwares Ltd's proposal to undertake setting up and running “Brick & Mortar” bank branches, is seeking clarification/approval for increase foreign equity participation in its capital upto 73% (upto 49% by FIIs/FPIs and upto 24% by NRIs).
 
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