 "CCEA clears Twin Star Technologies' Rs 9,000 crore FDI proposal")
The foreign investment is likely to generate direct and indirect employment opportunities for over 30,000 people.
The decision was taken by the Cabinet Committee on Economic Affairs (CCEA) headed by Prime Minister Narendra Modi.
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As per the proposal, Twin Star Technologies will get foreign investment up to Rs 9,000 crore (by on or before March 2025) from Twin Star Overseas, Mauritius.
"The investment will be through a combination of equity, compulsorily convertible debentures, compulsorily convertible preference shares and other FDl (foreign direct investment) compliant instruments...," an official release said.
The proposed investment is for undertaking downstream investment in NRI (non-resident Indian) billionaire Anil Agarwal-led Twin Star Display Technologies and other Indian operating companies engaged in activities eligible for receiving FDl on the automatic route.
"FDI of up to Rs 9,000 crore will be received in the country (on or before March 2025) and will provide direct and indirect employment to over 30,000 people," the release added.
Last year, the Agarwal-led company had announced that it will set up India's first LCD manufacturing facility, which will see an investment of nearly Rs 68,000 crore in five phases.