The Hindu Business Line : UBS India among 23 FDI plans cleared

New Delhi May 31 The Government cleared 23 proposals allowing foreign direct investments worth Rs 418.33 crore, including those of UBS India, Christian Dior Couture, BT Telecom India and Bombay Stock Exchange.

A proposal from UBS India Private Ltd for bringing in Rs 224.1 crore was cleared, which the company would use to acquire "existing non-banking financial companies as operating subsidiaries". This was the largest investment amount to be approved on Thursday.

Similarly, a proposal from BT Telecom India Private Ltd to bring in Rs 142.6 crore was approved, to enable the company to become an operating-cum-holding firm. The company has been allowed to use these funds to make downstream investments.

The Government also approved SSIPL Retail Private Ltd (erstwhile Moja Shoes Private Limited) to bring in Rs 26.5 crore for additional FDI of up to 20 per cent.

Bangalore-based Bharat Earth Movers Ltd's proposal to get Rs 4.9 crore from non-resident Indians, foreign institutional investors and foreign venture capital investments also received the go ahead.

A Bombay Stock Exchange Ltd proposal allowing four foreign investors to pick up a maximum of 16 per cent for Rs 13 lakh also got the nod.

French luxury firm Christian Dior Couture also got the clearance to bring in Rs 1.1 crore for picking 51 per cent stake in a company for single brand retail trading using its brand name Dior.

The other proposals cleared by the Government include AL Khaleej Sugar, Vestas Wind Technology, INX Media, TV-18 HSN Holdings, Thomson Holdings, Mettler-Taldedo India, Seven Hills Business Solutions, Core Projects and Technologies, Seed Works India, SA Sucre Export Suiker Export, Puma Stationary, Ind-Barath Power Infra, Inter-public Mauritius and BBC Worldwide.

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