CCEA approves FDI worth Rs 957 Crore for Krishnapatnam Port Company Limited

The Cabinet Committee on Economic Affairs has approved the proposal of M/s. Krishnapatnam Port Company Limited, Hyderabad subject to the conditions recommended by FIPB.

CCEA has given post-facto approval for the previous foreign investment received by KPCL [Rs.141.624 crore from Hitech Infra Limited and Rs.11.92 crore from Navaneeta Investments Private Company; Chinta Investments Pvt. Company; and CVR Investments Pvt. Company.

CCEA has given approval to KPCL to make downstream investments in companies and/or to establish subsidiaries.

CCEA has given approval to let the proposed foreign investor (Strategic Port Investments KPC Limited) to subscribe to 69,78,260 equity shares for an aggregate consideration of Rs.103.50 crore and to subscribe to 70 crore Compulsorily convertible Cumulative Participatory Preference Shares for an aggregate consideration of Rs.700 crore.

The approval would result in FDI amounting to Rs.957 crore (approx.) in the country.

Source : Press Information Bureau

Keywords