New Delhi: The Finance Ministry on Thursday said it cleared a foreign direct investment (FDI) proposal worth Rs 532 crore in December.
The proposal relating to Metaffinity Pvt Ltd was approved for making investment in Religare Health Insurance Company engaged in health insurance business, Finance Ministry said in a statement issued on Thursday.
The company had sought approval for foreign investment of up to 49 per cent in the form of non-voting equity shares by two foreign investors -- Canada Pension Plan Investment Board and Pantheon-HK Project Universe.
Metaffinity Private Limited, an investment holding company, will make downstream investment in Religare Health Insurance Company Limited, an Indian company engaged in health insurance business, it said.
Besides, it approved proposal of SMAS Auto Leasing India Pvt Ltd which did not entail any FDI flow.
The Union Cabinet in May decided to abolish the Foreign Investment Promotion Board (FIPB) -- an advisory body comprising of secretaries to various departments for vetting of foreign direct investment (FDI) applications and making recommendations to the government.
It was decided that the approvals would be handled independently by administrative ministries of different sectors. FDI into the country grew 9 per cent to USD 43.47 billion in 2016-17.
