During the month of December 2017, the Department of Economic Affairs (DEA), Ministry of Finance has disposed of two FDI proposals involving foreign investment of ₹ 532 crore.

Details are as follows:

The following two (02) proposals have been approved:

S. No	Name of the applicant	Gist of the proposal	FDI (Rs.  in crore)
1	M/s Metaffinity Pvt Ltd (4520)	Approval sought for foreign investment of upto 49% in the form of non-voting equity shares by two foreign investors, viz. M/s Canada Pension Plan Investment Board and M/s Pantheon-HK Project Universe, LP, in Metaffinity Private Limited, an investment holding company, which will make downstream investment in Religare Health Insurance Company Limited, an Indian company engaged in health insurance business.	532.00   (approx.)
2	M/s SMAS Auto Leasing India Pvt Ltd	To undertake financial lease business in addition to the existing operating lease business.	Nil

Foreign investment approvals permit non-voting equity for downstream investment into an Indian health insurer and business expansion. The Department of Economic Affairs approved a foreign investment allowing two foreign investors to acquire up to 49% of Metaffinity Private Limited through non-voting equity shares, enabling Metaffinity to make a downstream investment into Religare Health Insurance Company Limited (investment indicated as approximately Rs. 532 crore). Separately, M/s SMAS Auto Leasing India Pvt Ltd was authorised to undertake financial lease business in addition to operating lease business; that proposal did not involve foreign investment in the disclosed record.