The government today approved a proposal of the GMR Airports Holding to receive additional foreign direct investment (FDI) of $200 million.
The decision was taken in the Cabinet Committee on Economic Affairs meeting.
This will be in addition to the earlier approval to induct foreign investment of $200 million. The two proposals will result in FDI inflows of Rs 1,920 crore, an official release said.
The FDI will be received from Standard Chartered Private Equity III (Mauritius, NYLIM Jacob Ballas India Fund III, LLC, Mauritius and JM Financial - Old Lane India Corporate Opportunities Fund I Ltd, Mauritius.
The foreign investment will be received by way of "subscription to compulsorily convertible preference shares of face value of Rs 1,000 each pursuant to Foreign Investment Promotion Board recommendation in its meeting held on February 15, 2011", an official statement said.
The government had earlier approved FDI of $200 million from Macquarie SBI Infrastructure Investments-l Limited, Mauritius.
