NYSE proposal for commodity exchange among 15 approved

May 2nd, 2008 - 3:15 pm ICT by admin  

A file-photo of P. Chidambaram

New Delhi, May 2 (IANS) A proposal from the New York Stock Exchange (NYSE) for a 5 percent stake in a commodities exchange, worth Rs.2.18 billion ($55 million), is among the 15 schemes approved by Finance Minister P. Chidambaram, an official statement said Friday. As recommended by the Foreign Investment Promotion Board (FIPB), the minister also gave his nod to a proposal from Metal One Corp of Japan to set up a wholly owned subsidiary with an investment of $8 million.

The net investments envisaged by the 15 proposals approved by Chidambaram entail Rs.3.08 billion ($70 million), the statement added.

He, however, rejected a proposal from JM Financial Ventures of Mumbai for fresh foreign equity in a company that would make investments in the equity shares and other securities in Indian listed and un-listed companies.

This apart, a proposal from Mauritius-based Indivision India Partners to induct foreign equity in a company engaged in merchant banking and other non-banking financial activities was among the four on which no decision was taken.

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