Cabinet permits FDI plan of JMIF

New Delhi, Feb 1 (UNI) The Cabinet Committee on Economic Affairs (CCEA) today approved accepting contributions totalling 200 million dollars (Rs 900 crore) from JM Financial India Fund Limited, Mauritius (Offshore Fund) in JM Financial India Fund III - scheme D under the FDI route.

It also approved issuing units in JMIF scheme D to the offshore fund and permitted the JMIF scheme D to invest in fresh or existing securities of Indian companies within its investment focus.

The CCEA also permitted JMIF scheme D to distribute income realised on its investment to the offshore fund under the automatic route, subject to payment of taxes in India.

The FDI totalling Rs 900 crore will be received in the country.

UNI