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FIPB clears Rs 14,000 crore FDI proposals; Nippon, Yes Bank get nod

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FIPB clears Rs 14,000 crore FDI proposals; Nippon, Yes Bank get nod

NEW DELHI: The Foreign Investment Promotion Board (FIPB) today cleared 16 FDI proposals worth Rs 14,000 crore including that of Japan’s Nippon hiking stake in Reliance Life Insurance to 49 per cent, as also that of four other foreign insurers.

The FIPB also approved the proposal of Yes BankBSE 0.05 % to hike foreign investment limit to 74 per cent, from present 41 per cent– making it the first bank to get approval for hiking FDI limit after the new regulations were announced in November.

“The FIPB today approved 16 foreign direct investment proposals, out of the 34 on agenda,” a source said.

FIPB, chaired by Economic Affairs Secretary Shaktikanta Das, also cleared Sun Life Financial Investments Inc’s proposal to hike stake in Birla Sunlife Insurance company to 49 per cent.

The proposal of Japan’s Nippon Life Insurance to acquire another 23 per cent stake in Reliance Life Insurance was also cleared by the Board. Nippon currently holds 26 per cent in Reliance Life.

Also Yes Bank’s proposal to hike FDI limit was cleared by the Board, the source said.

In November 2015, the government had removed sub-limit restrictions for foreign investments in private sector banks within the overall sectoral limit of 74 per cent.

In the private banking sector, the government has introduced full fungibility of foreign investment and accordingly, “FIIs/FPIs/QFIs, following due procedure, can now invest up to sectoral limit of 74 per cent, provided there is no change of control and management of the investee company”, the government had said.

FIPB also cleared the proposal of Aviva Life Insurance and Raheja QBE General Insurance Company to hike foreign investment limit in their respective companies to 49 per cent.

The other proposals cleared by the FIPB included Tata AIA Life Insurance Company, Tata Sikorsky Aerospace Limited and International Asset Reconstruction Co Pvt Ltd.

Indian Business News

COCA-COLA BOTTLERS TO INVEST RS510 CR IN HARYANA

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Coca-Cola bottling firms Kandhari Beverages and Enrich Agro Food Products on Tuesday said they will invest Rs510 crore in Haryana to add new manufacturing lines. The authorised franchise bottlers of Coca-Cola India, inked a pact with the State Government to expand their manufacturing infrastructure.

“A fresh, combined infusion of Rs510 crore will create an additional direct employment for 325 people,” both the companies said in a joint statement. As a part of the pact, Kandhari Beverages will invest Rs300 crore to set up multiple high speed manufacturing lines for juice, energy and sparkling drinks at Saha in Ambala and will be completed by 2018.

Enrich Agro Food Products will invest Rs165 crore to set up a new manufacturing line for beverages in Rohtak by 2018 and also invest Rs45 crore in a packaging unit for Coca-Cola.

Kandhari Beverages Pvt Ltd Executive Director Bikram Kandhari said: “This investment which will be utilised to enhance infrastructure in our bottling facilities and setting-up new manufacturing lines.”

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Indian Business News

Uber to Invest Rs. 120 Crores in India

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Taxi-hailing app Uber on Tuesday signed a pact with the Haryana Government, wherein it will invest Rs120 crore in technology based ride-sharing services. The memorandum of understanding (MoU) was signed at the Happening Haryana Global Investors Summit 2016.

Under the agreement, Uber will invest in technology based ride-sharing services, which includes peer-to-peer transportation using private vehicles where the driver is reasonably compensated for expenses, tolls and other related costs.

Uber said this new form of reliable and convenient urban mobility will help create a real alternative to car ownership. Uber will also collaborate with the Government in creating smarter cities in Haryana.

“Haryana has been a leader in promoting information technology and we are excited to launch private vehicle ride-sharing to promote urban mobility, prevent pollution and reduce the time spent in traffic in our cities,” Vijayendra Kumar, Secretary IT, Haryana said in a statement.

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Indian Business News

FM Arun Jaitley rolls back Budget proposal to tax EPF withdrawal – Big win for salaried class!

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FM Arun Jaitley rolls back Budget proposal to tax EPF withdrawal - Big win for salaried class!

New Delhi: In what will bring cheers to millions of salaried class individuals in the country, Finance Minister Arun Jaitley on Tuesday rolled back the controversial budget proposal to tax EPF withdrawals.

Taking the first opportunity available, he made a suo motu statement in the Lok Sabha in which he also announced withdrawal of imposing monetary limit for contribution of employers to provident and superannuation fund of Rs 1.5 lakh for taking tax benefit.

He however stated that 40 percent exemption given to National Pension Scheme (NPS) subscriber at the time of withdrawal remains.

“In view of representations received, the government would like to do a comprehensive review of this proposal and therefore I withdraw the proposal,” Jaitley added.

Clarifying government’s stand on EPF in Lok Sabha, Jaitley said, “The main argument is that employees should have choice of where to invest. Our intention was to encourage more and more employees join the national pension scheme”.

Jaitley in his Budget for 2016-17 had proposed that 60 percent of the withdrawal on contribution to employee PF made after April 1 this year will be subject to tax. This would apply to superannuation funds and recognised provident funds including EPF.

This was criticised by all employees unions as well as political parties.

The proposal would not have impacted 3.26 crore EPFO subscribers drawing statutory wage of upto Rs 15,000 per month. Employees Provident Fund Organisation (EPFO) has a total subscriber base of 3.7 crore.

(With Agency Inputs)

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