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Barclays among 20 FDI plans cleared
Our Bureau
New Delhi, Jan. 4
The Finance Minister, Mr P. Chidambaram, has cleared 20 foreign direct investment (FDI) proposals involving total approval amount of Rs 2,791.23 crore. The proposals include Rs 2,500-crore investment from foreign institutional investors (FIIs), foreign venture capital investors and multilateral institutions in IDEA Cellular Ltd, which is the fifth largest mobile service provider by subscribers. The 20 proposals were recommended for approval by the Foreign Investment Promotion Board (FIPB) at its meeting held on December 22 last year, a Finance Ministry release said. The proposal of Barclays Capital Securities Asia Ltd to acquire up to 9.63 per cent stake in Asset Reconstruction Company of India Ltd (ARCIL) was also cleared by the Finance Minister. This proposal involved FDI of Rs 21.19 crore. The proposal of Ankar India Special Situations Ltd to take a stake of up to 9.17 per cent in ARCIL too received the Finance Minister's consent. The FDI involved in the proposal is Rs 60.52 crore. The proposal of Daerim Enterprise Co of Korea to set up a wholly owned subsidiary for manufacture of auto parts was also approved by the Finance Minister. This involved FDI of Rs 60 crore.
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