Press Information Bureau

Government of India

Cabinet Committee on Economic Affairs (CCEA)

07-December-2011 20:43 IST

The Cabinet Committee on Economic Affairs on the recommendation of FIPB today approved the Proposal of M/s. Grid Equipment Limited, Haryana for bringing in foreign direct investment of Rs.4500 crore (approx).

This proposal is for downstream investment in promoter group companies engaged primarily in the business of electricity transmission and / or electricity distribution related activities and transfer of entire equity shares of M/s. Grid Equipment Limited from M/s. Areva T&D India Limited and other resident shareholders as a nominee of M/s. Areva T&D India Limited to M/s. Alstom Grid Finance and other foreign collaborators and their nominees.

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SH/SKS

Foreign direct investment approval permits downstream investment and complete equity transfer in an electricity transmission group company. Approval was granted for foreign direct investment into M/s. Grid Equipment Limited to permit downstream investment in promoter group companies principally engaged in electricity transmission and distribution, and to allow transfer of the company's entire equity from resident nominee shareholders of M/s. Areva T&D India Limited to M/s. Alstom Grid Finance and other foreign collaborators and their nominees.