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Our Bureau

New Delhi, Nov. 23 PTC India Financial Services Ltd’s proposal to induct foreign equity up to 40 per cent by Goldman Sachs and Macquarie is amongst 22 foreign direct investment (FDI) proposals worth Rs 511.5 crore cleared by the Government on Friday.

The US-based Goldman Sachs and Australia’s Macquarie would pick 40 per cent stake in PTC India Financial Services, a non-banking financial arm of power trading firm PTC India Ltd, for Rs 155.7 crore.

The proposals were cleared by the Union Finance Minister, Mr P. Chidambaram, on the recommendations of Foreign Investment Promotion Board (FIPB), an official statement said.

Angel Infin Pvt Ltd’s application entailing induction of foreign investment by International Finance Corporation of up to 18 per cent for Rs 152 crore also received FIPB’s green signal. Other proposals, which received the go-ahead included Yachiyo Industry’s proposal to set up a new subsidiary to manufacture plastic fuel tanks for automobiles; and CWT International Pte Ltd’s plans to set up a new subsidiary/joint venture company to undertake warehousing, storage and container freight station business and other ancillary activities, involving an inflow of Rs 24 crore.

A proposal of leading retailer Dolce & Gabbana to set up a 51 per cent joint venture to undertake single brand retail trading of fashion and lifestyle products is amongst 13 proposals that have been deferred. Other proposals that were deferred included AVA Seeds (changing the status of the operating company into an operating-cum-holding company for making further downstream investments); and an application by ByCell Telecom for fresh investment inflow.

A proposal of Croupier Prive Private Equity Ltd to invest five per cent stake in Central Depository Services Ltd for Rs 16 crore and Finland’s UPM KYMMENE to set up a joint venture for trading of recycled paper, was also cleared today.

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