Government approves 28 FDI proposals worth Rs.13.27 billion (Lead)July 4th, 2008 - 10:38 pm ICT by IANS
New Delhi, July 4 (IANS) The government has approved 28 foreign direct investment (FDI) proposals totalling Rs.13.27 billion including global retail major Marks and Spencer’s proposal for 51 percent foreign direct investment in single brand retail business. “Based on the recommendations of the Foreign Investment Promotion Board (FIPB) in its meeting held on June 24, Finance Minister P. Chidambaram has approved 28 proposals of FDI,” said a Finance Ministry statement Friday.
Two other retail proposals accorded approval are Pearle Europe for induction of 50 percent FDI for single brand retail trading and Giordano Fashions to establish a chain of single brand retail stores.
The retail proposals have been cleared subject to the condition of Press Note 3, 2006 under which no single foreign institutional investor can directly or indirectly hold more than 10 percent equity in the venture.
Parryware Roca’s Rs.7.41 billion FDI proposal also got the nod for increasing foreign equity from 50 percent to 100 percent in the sanitaryware venture apart from Multiscreen Media’s FDI proposal for Rs.1.58 billion.
Real estate major Eldeco’s Rs.1.95 billion proposal for induction of foreign equity and change in status from operating company into operating-cum-holding company was also approved.
In the atomic power sector, Hungary’s Global Energy Mining and Minerals has been permitted to induct FDI up to 74 percent amounting to about Rs.240 million in a titanium mining and separation venture.
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- Government okays 14 FDI proposals worth Rs.1,584 crore - Jul 24, 2012
- Finance ministry okays FDI in multi-brand retail - Nov 17, 2011
- India approves Walt Disney's Rs.1,000 crore investment - Aug 23, 2012
- India clears 22 FDI proposals worth $112.5 million - Apr 20, 2012
- 16 FDI proposals worth over $20 million accepted - Jun 07, 2011
- Govt okays 19 FDI proposals worth $959 million (Lead) - Jan 13, 2011
- India clears 20 FDI proposals worth $373 million - Jan 10, 2012
- India considering proposal from Swedish firm Ikea: Sharma - Oct 28, 2010
- Fact sheet on India's retail trade industry - Nov 24, 2011
- Amit Mitra shifts stand on FDI in retail - Nov 28, 2011
- BJP opposes FDI in multi-brand retail - Nov 24, 2011
- India allows 100 percent FDI in single brand retail - Jan 10, 2012
- Ally Trinamool joins BJP, Left in opposing FDI in retail - Nov 24, 2011
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