The government has cleared 16 foreign investment proposals, including that of HDFC Capital and Ageon Religare Life Insurance Company, amounting to Rs 4,722 crore.
The investment proposals were approved following the recommendation for the same by the Foreign Investment Promotion Board (FIPB), headed by economic affairs secretary Shaktikanta Das.
“The government has approved 16 proposals of foreign direct investment amounting to Rs 4,722 crore,” the finance ministry said in a statement.
However, it rejected 8 proposals including that of Cipla Health Limited and Apollo Hospitals Enterprise Limited.
The Board cleared proposal of HDFC Capital Advisors Limited which alone entails investments of Rs 2,400 crore.
The company sought approval for issue of units to Green Light, it said.
“HDFC Fund proposes to make investments in equity, equity linked instruments, redeemable preference shares, non-convertible debentures and other debt securities of listed or unlisted investee companies engaged in real estate construction development projects which are permitted under the SEBI AIF Regulations as a Category II AIF,” it said.
Besides, Ageon Religare Life Insurance’s proposal worth Rs 559.96 crore was cleared by FIPB.
The approval was sought for the transfer of shares to Aegon India Holding thereby raising the foreign shareholding from 26 percent to 49 percent.
Among others, Sun Pharma Research Advanced Company Ltd’s proposal worth Rs 250 crore, Synergia Life Sciences Pvt Ltd (Rs 40 crore) and the post facto approval for Aditya Birla Nuvo’s Rs 377 crore plan were cleared during a meeting held on 29 September.
India takes fresh guard to boost trade and economic ties
The slowdown in China provides India another opportunity to make deep inroads into the African continent, strengthen business and economic ties.
The India-Africa summit will be a perfect setting for business communities from India and African nations to explore areas of cooperation and provide a roadmap to their governments.
Economic and trade relations between India and Africa have been on the slow track despite several Indian companies having a presence in the continent. The current trade is estimated around $75 billion. Experts say there is potential for this to go past $100 billion. But Commerce and Industry Minister Nirmala Sitharaman is cautious not to cite a number. More than 165 Indian companies invested in Africa between January 2003 and July 2015 in telecom, infrastructure, pharmaceuticals, healthcare and elsewhere.
India official says deeper cooperation in agriculture and agro-processing, engineering, textiles, leather and pharmaceuticals would have a positive impact on food security, raise health standards and create jobs in Africa and India. Food processing is a key area identified by both sides. Tourism too holds promise.
“There is clear intention that we will participate in African manufacturing and they’ll do whatever they can do to Make in India,” says Rajan Bharti Mittal, vice chairman of Bharti Enterprises.
Several African countries have high growth and are keen to engage with India.
Others would want Indian expertise in various sectors to speed up economic expansion. “There’s been growing interest in many African countries to do more business with the East and that includes India and China… Africa is opening to everybody who wants to do business,” says Zimbabwe trade minister Mike Bimha.
But there are issues to be addressed for smoother trade ties. Connectivity, banking links and security issues must be resolved. Trade experts say India needs to reorient strategy to boost ties.
“For the Africa-India trade potential to be realised, India must adopt an investment-led approach. We should support our African partners in development projects and handhold them in executing these efficiently,” says Biswajit Dhar, professor at JNU.
STPI to sponsor over 100 start-ups for CeBIT show
To promote domestic start-up companies, state-run Software Technology Parks of India (STPI) will sponsor over 100 such new age IT firms during the three-day CeBit India exhibition, which is scheduled to begin from October 29 in Bengaluru.
“We are collaborating with CeBit to promote start-ups. Last year, we sponsored 127 start-up companies and looking for similar number this year as well,” STPI Director General Omkar Rai told PTI.
He said that STPI has written to states for nominating best start-up companies from their territory and they will be then shortlisted by STPI.
“Start ups are not required to pay anything. STPI will spend around Rs 50 lakh… Around 10 start-ups were able to make to the show in Hannover where Prime Minister Narendra Modi had also visited,” Rai said.
Hannover Milano Fairs organised CeBit show in Germany.
Around 450 firms are expected to participate in CeBit India, which included major participation from STPI, Hannover Milano Fairs India Managing Director Mehul Lanvers-Shah said.
“We are expecting 10 per growth in CeBit India participation and even we are seeing traction from foreign companies. Last year 25 countries participated in the show. This year we have 27 with participation increasing from Taiwan, China, Germany and Canada,” Shah said.
Australia to collaborate with Indian researchers
The Australian government, through the Australia-India Strategic Research Fund (AISRF), would collaborate with Indian researches in the field of agriculture, mining, energy, health etc. The Australian government has earmarked $84 million to be spent over three years in creating infrastructure, awarding fellowship and scholarship to promote research between the two countries.
“The Australian government greatly values strong relationship with India, particularly in education and research. We have a roadmap to promote bilateral research between the two countries. During his visit to Australia, Prime Minister Narendra Modi identified sectors like agriculture, mining, energy, health etc for research, so we have decided to enhance cooperation between the two countries in these areas, ” said Australian Minister for Education and Training Christopher Pyne, who is in India to promote research collaboration between the two countries and also to highlight the opportunities for enhanced collaboration between Australia’s world-class education system and Indian institutions.
The AISRF is Australia’s largest fund dedicated to bilateral research with any country and one of India’s largest sources of support for international science.
The AISRF helps Australian researchers from public and private sectors to participate with Indian scientists in leading-edge scientific research projects and workshops.
Taking a step forward in this direction, the minister on Saturday officially opened new facilities at the Indian Institute of Technology Bombay (IITB)-Monash Research Academy.
The collaboration between the IITB and Monash University will see students receive a joint PhD from both institutions, with the added benefit of exposing a large cohort of young researchers to cutting-edge international research.
“The Australian government, through the AISRF, was one of the early contributors to this joint venture, providing $1.5 million in seed funding to establish the IITB-Monash Research Academy,” he said.
Meanwhile, he also visited Delhi Public School and launched a pilot project linking schools in India and Australia.
The Australia-Asia Building Regional Intercultural Dialogue and Growing Engagement, or BRIDGE, connects Australian teachers, students, and school communities with their peers in Asia so they can exchange knowledge.
“The BRIDGE programme connects Australian schools to schools around the world so that students and teachers alike can learn from one another and build lasting cultural ties and skills,” Pyne said.
“Strengthening partnerships between school leaders, teachers, and school communities in India and Australia helps us build strong education relationships and share our ideas and knowledge,” he said.