The Union government has approved the FDI proposal of Twin Star Technologies for investment upto ₹9000 crore by March 2025. A statement from government said that the cabinet committee on Economic Affairs chaired by the Prime Minister Narendra Modi has given its approval for FDI proposal of Twin Star Technologies for foreign investment upto Rs. 9000 crore (by on or before March 2025) from Twin Star Overseas Ltd., Mauritius.
According to government, the investment will be through a combination of equity, compulsorily convertible debentures, compulsorily convertible preference shares and other FDl compliant instruments for undertaking downstream investment in Twin Star Display Technologies and other Indian operating companies engaged in activities eligible for receiving FDl on the automatic route.
Government said that FDI of upto ₹9,000 crore will be received in the country and will provide direct and indirect employment to over 30,000 people.
Earlier, NRI billionaire Anil Agarwal had announced to set up India’s first LCD manufacturing facility in India. Agarwal-led firm Twinstar Display Technologies had signed a memorandum of understanding (MoU) with the Maharashtra government to set up the facility.
In July last year, the firm had announced an investment of Rs 40,000 crore to set up a LCD panel plant in the country, generating 50,000 jobs.If you have an interesting story to share, please send it to [email protected]