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Govt approves foreign investment in infra fund

Business

Infrastructure projects will have a better access to Foreign Direct Investment (FDI) as the government has approved a proposal to allow international investor to subscribe units of the infrastructure fund.
The Cabinet Committee on Economic Affairs has given its approval, as recommended by Foreign Investment Promotion Board (FIPB), to the proposal of India Infrastructure Development Fund Limited (Mauritius) to seek contribution from international investors and invest the same in the India Infrastructure Development Fund (FUND) by subscribing to the units of the FUND under the FDI route.
The government says the approval would result in FDI exceeding Rs750 crore in the country.

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