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    News and Press Release

    Department of Economic Affairs disposes three (3) FDI proposals aggregating to foreign investment of ₹ 24.56 crore during October 2017

    November 2, 2017

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    During the month of October 2017, the Department of Economic Affairs has disposed of three FDI proposals aggregating to foreign investment of ₹ 24.56 crore, as per details attached.

    The following two (02) proposals have been approved:

    S. No

    Name of the applicant

    Gist of the proposal

    FDI (Rs.  in crore)

    1

    Sterling Commerce Solutions India Pvt Ltd

    The applicant being an investing company had sought approval for issue of shares to the shareholders of three wholly owned subsidiaries of IBM India Pvt Ltd upon their merger with the applicant.

    24.56

    2

    Arval India Pvt Ltd

    To undertake the activity of financial lease in addition to the current activity of operating lease.

    Nil

                 The following one (01) proposal has been returned to the applicant, as it is premature:

     S. No

    Name of the applicant

    Gist of the proposal

    1

    Ivanhoe India Equities Inc.

    To provide investment advisory services to overseas entities by a yet to be incorporated Indian investee company.

    Topics

    ActsIncome Tax