TPG India Investment, Mauritius-based private equity firm, has got approval from the Cabinet Committee on Economic Affairs (CCEA), Government of India, which has allowed the company to invest over Rs 8.05 billion to Shriram Retail Holdings.
Speaking to media after CCEA meeting, Kapil Sibal, Union minister for science and technology, said, “The approval is for issuance of equity shares and warrants in Shriram Retail to TPG India, Mauritius and would result to a foreign direct investment amounting to Rs 805.61 crore (over Rs 8.05 billion).”
“However, the approval is subject to the conditions recommended by the Foreign Investment Promotion Board (FIPB),” added Sibal.
With this development, TPG India (TPGI) will be issued 1.83 million equity shares and 1.53 million warrants of Shriram Retail Holdings.
—IndiaRetailing Bureau
