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20 FDI proposals worth Rs.916 crore cleared

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New Delhi, Nov 20: The government on Tuesday said it has cleared 20 proposals of foreign direct investment (FDI) worth Rs.916 crore, including Singapore Airlines plan to start a full service airline in partnership with Tata Sons.

Singapore Airlines has formed a joint venture with Tata Sons to run full service airline. In the joint venture, Singapore Airlines will control 49 percent while Tata Sons will have the majority stake of 51 percent.

This will result in FDI inflow of Rs.303.18 crore ($49 million), the finance ministry said in a statement.

Other major FDI inflow of Rs.225 crore is related to Intas Pharmaceuticals Ltd. The company will issue fresh equity shares to eligible non-resident investors and by an offer for sale by an existing foreign investor Mozart Limited.

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