NEW DELHI: The Department of Economic Affairs said it has approved two foreign direct investment (FDI) proposals in October, aggregating inflows of Rs 24.56 crore.
The proposals included that of Sterling Commerce Solutions India, which 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. The proposal of Sterling Commerce Solutions will bring in FDI of Rs 24.56 crore, according to a finance ministry statement issued on Thursday.
Arval India Pvt Ltd’s proposal to undertake the activity of financial lease in addition to the current activity of operating lease was also approved, although it did not involve an fresh investments.
A proposal by Ivanhoe India Equities Inc to provide investment advisory services to overseas entities by a yet to be incorporated Indian investee company was returned as the DEA found it to be “premature’’, the release added.
FDI equity inflows into the country rose nine per cent to a record $43.5 billion during 2016-17, at a time when global FDI inflows are falling. Mauritius remained India’s top source of FDI equity inflows at $15.7 billion, followed by Singapore at $8.7 billion during 2016-17.
The services sector continued to attract the highest investment at $8.9 billion, followed by telecommunications, which attracted $5.6 billion.