CCEA approves foreign investment proposal worth Rs 9,000 crore

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CCEA approves foreign investment proposal worth Rs 9,000 crore

New Delhi, May 3 (IANS) The central government on Wednesday approved a foreign direct investment (FDI) proposal of up to Rs 9,000 crore.

The decision to approve the foreign investment proposal of Twin Star Technologies was taken by the Cabinet Committee on Economic Affairs (CCEA), whose meeting was chaired by Prime Minister Narendra Modi.

According to the CCEA, the Rs 9,000 crore investment in the name of Twin Star Technologies will be made on or before March 2025 from Twin Star Overseas, Mauritius.

“Foreign direct investment 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 CCEA said in a statement.

“The investment will be through a combination of equity, compulsorily convertible debentures, compulsorily convertible preference shares and other FDl compliant instruments for undertaking downstream investment in Twin Star Display Technologies and other Indian operating companies engaged in activities eligible for receiving FDl on the automatic route.”

This is published unedited from the IANS feed.