"During the month of October, the Department of Economic Affairs (DEA), Ministry of Finance has disposed off three FDI proposals aggregating to foreign investment of Rs 24.56 crore," an official statement said.
The proposal of Sterling Commerce Solutions India, worth Rs 24.56 crore of FDI, has been approved that seeks to issue shares to the shareholders of three wholly owned subsidiaries of IBM India upon their merger with the company.
Another proposal from Arval India, which does not require any additional FDI, has been approved to undertake the activity of financial lease in addition to the current activity of operating lease, the statement said.
The ministry said that a proposal from Ivanhoe India Equities Inc to provide investment advisory services to overseas entities by a yet to be incorporated Indian investee company has been returned as it was premature.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
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Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.