The Hindu Business Line : French financial firm’s plan among 17 FDI proposals cleared

French firm Sogeparticipations’ plans to set up a wholly owned subsidiary to offer portfolio management services and investment advisory services with foreign investment inflow of Rs 205.8 crore was amongst 17 FDI proposals cleared by the Government today.

The proposals, involving a total investment inflow of Rs 284.7 crore, were approved by the Finance Minister, Mr P. Chidambaram, on the recommendations of the Foreign Investment Promotion Board. The proposal of Sogeparticipations, which has an existing joint venture with the State Bank of India, attracts Press Note 1.

Arvind Mills venture

Other proposals cleared include a joint venture by Arvind Mills and Diesel Fashion for selling Diesel’s garments and accessories in the country. The proposal will bring in Rs 5.10 crore of foreign investment. Advertising firm Publicis Group’ proposal to acquire Capital Advertising Private Ltd, also received the Government nod today.

Delhi-based JTEKT Sona Automotive India’s proposal to set up a joint venture with a foreign equity of 51 per cent from JTEKT Corporation of Japan to undertake manufacture and sale of Column Type Electric Power Steering Systems also received a green signal.

The Government also cleared proposals by New Vernon Pvt Equity, Mauritius, and Passport Global Master Fund SPC Ltd of British Virgin Islands to pick up 5 per cent stake each in Delhi Stock Exchange (DSE) for a total of Rs 21.22 crore. With this, DSE will have FDI of up to 25 per cent.

Flemingo plan rejected

Among other proposals, the Government cleared the Rs 5.70-crore proposal of Tod’s Hong Kong Ltd, which plans to set up a single brand Tod’s Retail stores in the country with a foreign equity of up to 51 per cent to sell leather items, men and women ready-to-wear and accessories, in partnership with Bukhanvala Holdings Ltd.

An official statement said that the Government has rejected the proposal of Flemingo Duty Free Shop Pvt Ltd and Mexico’s Grupo Omnilife S.A.de, while deferring five other proposals.

ED&F gets nod

Bloomberg reports: ED&F Man Commodities Pvt Ltd, a unit of the world’s biggest sugar trader, has won Government approval to trade in commodities and their derivatives on exchanges. The company can’t undertake retail tra de or offer broker commodity futures services, the Ministry said.

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