Industry & Economy
-
Foreign Direct Investment
SKIL Infra’s FDI proposal referred to CCEA
Moumita Bakshi Chatterjee
New Delhi, Feb. 21 The Foreign Investment Promotion Board (FIPB) is learnt to have referred to the Cabinet Committee on Economic Affairs (CCEA) a proposal by SKIL Infrastructure Ltd entailing additional foreign investment of up to $50 million. Ashoka Investment Holding, Mauritius and Ambadevi Mauritius Holding have offered to invest the amount, constituting up to five per cent of the fully diluted share capital of the company. The two are registered as foreign venture capital investors with the Securities and Exchange Board of India.
The CCEA, in October last, had given its approval for SKIL Infrastructure to accept foreign investment from GL Asia Mauritius II Ltd up to 26 per cent amounting to $250 million (about Rs 1,000 crore).
The company had also issued convertible debentures to M2N2 Partners Ltd, Mauritius.
During the FIPB meeting held on February 8, both the Department of Industrial Policy and Promotion and the Department of Economic Affairs conveyed their ‘no objection’ to the proposal subject to compliance with the regulations.
Sources said that FIPB noted that an original approval to the company was accorded by CCEA and the approved FDI percentage was up to 26 per cent. Company officials could not be reached for comments.
More Stories on :
Foreign Direct Investment
Article
E-Mail
::
Comment
::
Syndication
::
Printer Friendly Page
|
