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Our Bureau

New Delhi, Aug 21 The Finance Minister, Mr P. Chidambaram, has approved 20 foreign direct investment (FDI) proposals amounting to Rs 1,078.65 crore.

The approvals have been given on the basis of the recommendations of the Foreign Investment Promotion Board (FIPB).

The proposals approved include Blackstone GPV Capital Partners Mauritius proposal to bring in Rs 447 crore into SKR BPO services, ICICI Bank’s proposal to induct up to 24 per cent in a new subsidiary involving foreign investment inflow of Rs 214 crore.

This new subsidiary is proposed to be a holding company for four of the existing subsidiaries of ICICI Bank including two subsidiaries in the insurance business.

Moreover, Prime Polymer of Japan’s proposal to set up wholly-owned subsidiary for development of high performance polypropylene compounds for car manufacture also got the Minister’s approval. The foreign investment inflow expected from this proposal is Rs 61.60 crore.

The Finance Minister has also approved four proposals relating to acquisition of five per cent stake each in Delhi Stock Exchange, involving in aggregate inflow of about Rs 40 crore.

The four investors are Wilmette Holdings Ltd, Mauritius, Noor Financial Investment Company, Kuwait, Ikarus Industrial Petroleum Company, Kuwait and Kuwait Privatisation Projects Holding Company, Kuwait.

Also, the proposal of Standard Chartered to acquire 49 per cent stake in UTI Securities received the nod of the Minister.

The foreign investment inflow from this proposal stood at Rs 14.70 crore.

The proposal of Ind-Barath Power Infra Pvt Ltd to induct additional foreign equity by way of issue of equity shares and cumulative compulsory convertible preference shares for about Rs 151.33 crore was also approved.

AAPC Hotel Management Pte Ltd, Singapore proposal to induct foreign equity in three companies engaged in hotel industry also received approval of the Finance Minister.

The foreign investment inflow under this proposal is Rs 120 crore.

More Stories on : Foreign Direct Investment | Policy | ICICI Bank Ltd

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