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Government approved 22 FDI proposals
November 24, 2007: About 22 FDI proposals totalling an inflow of Rs.511.50 crore has been approved by the Government of India. Included in them is World Bank’s private sector arm IFC and global private equity player Goldman Sachs.
IFC will be picking up 18% stake in domestic stocks and commodities brokerage firm Angel Infin for Rs.152 crore while US-based Goldman Sachs and Australia’s Macquarie will pick 40% stake in PTC India Financial Services, which is a non-banking financial arm of power trading firm PTC India for Rs.155.74 crore.
Flemingo’s proposal of opening duty free shops outside airports and in hotels has been rejected. The Board has also put on hold famous designer Dolce & Gabbana’s proposal of setting up a joint venture with Indian realty DLF to undertake single brand retailing of fashion and lifestyle products. The proposal of Russia’s Sistema Joint Stock Financial Corp to increase its stake from 10 % to 74 % in a telecom firm has also been rejected.
Chennai-based Sical Infra Assets, a infrastructure company to sell 26% stake for Rs.106.6 crore has been cleared. Japan based Yachiyo Industry to invest Rs.30 crore for manufacturing of plastic fuel tanks for automobiles, and Bluechip Corp Investment to induct Rs.20.50 crore as FDI has been cleared. Bycell Telecommunications to start GSM-based cellular services across the country has been deferred.
Source: The Economic Times