Friday May 9, 02:05 PM
India approves Essar Power's 80 bln rupee investment plans
MUMBAI (Thomson Financial) - The Indian government has approved Essar Power Ltd.'s (EPL) proposal to issue shares worth 80 billion rupees to foreign investors.
In a release, India's Cabinet Committee on Economic Affairs (CCEA) said it would allow foreign investors to increase their stake in EPL to 100 percent, making it a foreign holding company.
The CCEA has also approved a proposal by Rakindo Developer's Private Ltd, which is based in Chenai, southern India, to set up a wholly owned unit with up to 100 percent foreign direct investment, amounting to $250 million.
The investment would be made by Rakeen Developement PJSC, which is based in Al Jazeera Al Hamra, United Arab Emirates, and/or its Rakeen Private Ltd, Mauritius, unit.
The newly formed company will invest in infrastructure projects and special economic zones.
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