The Foreign Investment Promotion Board has approved the single case of Bhartiya Samruddhi Investments and Consulting Services for the induction of foreign equity in the investing company of R27.72 Cr.
This is out of the 14 referred cases. 6 of them were deferred and 7 proposals were rejected.
Bhartiya Samruddhi Finance (BASIX) raised R38 Cr (7 Mn Swiss Franc) from The Swiss Agency for Development Cooperation for developing and to set up developmental initiatives in Asia in March this year.
Hyderabad-based MFI, BFSL is promoted by Vijay Mahajan's BASIX group. It has over a 3.5 Mn customers with a staff of over 10,000 people. It works in 17 states, 223 districts and over 39,251 villages.
It has raised equity from IFC, Washington, Shorebank, Chicago; Hivos-Triodos Fund, Netherlands; ICICI Bank and HDFC. Major Lenders to BASIX include SIDBI, ICICI and HDFC. The MFI was on the verge of collapsing under the burden of bad loans after the borrowers in Andhra Pradesh refused to repay.
Deferred cases involved those of Soma Tollways for increasing foreign equity, Brampton Pvt. Ltd., Wire and Wireless Ltd., Multi Screen Media, Erica Healthcare Pvt. Ltd. and M and C Rakindo Hospitality.
The rejected cases comprised of Mack Valves India, Applied Micro Cicuits India, Deutsche Investments, G4S Secure Solutions, Acebright (India) Pharma, Augere Wireless Broadband India Pvt. Ltd. and Tocheunglee Stationery Manufacturing Company.
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Tags
Bhartiya Samruddhi Finance ,
BASIX ,
Foreign Investment Promotion Board ,
FIPB ,
Bhartiya Samruddhi Investments and Consulting Services ,
IFC ,
Washington ,
Shorebank ,
Deutsche Investments ,
regulatory ,
foreign investment ,
clearance ,
FDI ,
Bhartiya Samruddhi Finance ,
BASIX ,
Foreign Investment Promotion Board ,
FIPB ,
Bhartiya Samruddhi Investments and Consulting Services ,
IFC ,
Washington ,
Shorebank ,
Deutsche Investments
