GMR Airports Holding Ltd's proposal to raise further foreign direct investment of $200 million was cleared by the Cabinet Committee on Economic Affairs (CCEA) on Wednesday.
GMR proposes to receive further FDI from the Mauritius-based entities such as Standard Chartered Private Equity Mauritius III Ltd, NYLIM Jacob Ballas India Fund III, LLC and JM Financial – Old Lane India Corporate Opportunities Fund I Ltd. The fund-raising will be through subscription to compulsorily convertible preference shares with face value of Rs 1,000 each pursuant to Foreign Investment Promotion Board recommendation in its meeting held on February 15, 2011.
The Government had earlier approved FDI of $ 200 million from Macquarie SBI Infrastructure Investments-l Ltd, Mauritius. This approval is expected to result in FDI inflows amounting to Rs 1,920 crore, according to an official statement. Sources said the monies are being raised for the company's power projects.
CCEA also approved Geological Survey of India's proposal for acquisition of a new research vessel for seabed survey and exploration for non-living resources etc as a replacement of RV Samudra Manthan at a revised cost estimate of Rs 549.50 crore. This tailor-made new multi-disciplinary research vessel fitted with state-of-the-art equipment is meant for undertaking geological, geophysical and geo-chemical mapping of the seabed. The data generated, will be useful for creating and updating the national database which will be useful for undertaking research in the fields of earth science, oceanography and offshore mineral resources and exploitation of mineral resources embedded under the sea.