The Hindu Business Line : Societe Generale FDI plan cleared

THE Government on Tuesday approved France-based Societe Generale Asset Management's proposal to acquire stake in SBI Funds Management Pvt Ltd involving foreign direct investment (FDI) worth Rs 167.4 crore.

The Finance Minister, Mr P. Chidambaram, in all approved 28 FDI proposals today involving a total FDI worth Rs 241.41 crore.

The Minister also approved New York-based Thunderbird Industries Inc's plan to bring in fresh equity into its Indian subsidiary, Thunderbird Industries (India) Private Ltd, involving FDI worth Rs 20 crore.

The Indian company is engaged in distribution and consulting in the areas of electronic data product and telecommunications.

The proposal from a consortium comprising IJMII (Mauritius) Private Ltd, WCT Offshore Private Ltd, Mauritius, International MTD Cap (Mauritius) Ltd, and Malaysia-based CIDB Inventures, to bring fresh funds worth Rs 16.60 crore in Swarna Tollways through issue of cumulative redeemable preference shares has also been cleared by the Minister.

Swarna Tollways is undertaking construction maintenance and operation of sections of National Highway 5 and 9 and the additional infusion of funds is to cover escalation of project cost.

A Sri Lankan biscuit company called Ceylon Biscuits Ltd has received clearance for investing Rs 10 crore in Ceylon Biscuits (India) Private Ltd for setting up a wholly owned subsidiary for manufacturing of biscuits and snacks.

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