New Delhi, Mar 13 (UNI) The government today gave its approval to SKIL Infrastructure Limited (SKIL), Mumbai to accept foreign investments upto 50 million US dollars (Rs 195 crore approx.) from Ashoka Investment Holdings Limited, Mauritius (Ashoka) and Ambadevi Mauritius Holding Limited (Ambadevi).
Ashoka and Ambadevi are together referred to as 'AIG Funds,' and the investment constitute five per cent of the fully diluted share capital of the company.
The approval, given by the Cabinet Committee on Economic Affairs, will be subject to the following conditions: (i) a downstream investment being in compliance with Press Note No.9 of 1999; (ii) adherence to the Ministry of Finance Press Release of April 30, 2007 on issuance of preference shares.
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