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Our Bureau

New Delhi, Oct. 18 A proposal by US-based Goldman Sachs Asset Management to invest Rs 200 crore to establish an asset management company in India was among 14 Foreign Direct Investment proposals worth Rs 1,257.3 crore approved by the Government today.

The FDI proposals also included Rs 480-crore plan by Greenko Mauritius to convert its operating company Balaji Biomass Power Pvt Ltd into an operating-cum-holding firm for making downstream investments in power projects, and another proposal of Mauritius-based Essar Telecom Holdings Ltd.

The Essar proposal includes induction of foreign equity worth Rs 500 crore by Essar Telecom Holdings into a company engaged in activities of infrastructure provider category.

The investment proposals were cleared by the Finance Minister, Mr P. Chidambaram, on the recommendations of the Foreign Investment Promotion Board (FIPB). The proposals related to different areas including biotech, commerce, new and renewable energy, IT, and telecom.

The proposal of Goldman Sachs Asset Management involves “investment of foreign equity in an asset management company engaged in NBFC activities including investment advisory services, portfolio management services; and a trustee company for a mutual fund to be registered with SEBI.” The proposal attracted Press Note 1.

The FIPB also recommended that six proposals be deferred, which included that of US-based Millennium India Acquisition Company Inc. The US firm wanted induction of equity into two non-banking finance companies with operations in stock broking and mutual fund distribution.

Other proposals that were deferred included South Asia Multimedia Technologies, Sical Infra Assets, Bonsai International Pvt Ltd, Avens Properties, and Jalore Properties. The FIPB also advised exlService.com (India) to approach the RBI as its proposal pertained to a post facto approval.

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