Finance Minister signals green to 22 FDI proposals

Nov 24:  Finance Minister P. Chidambaram has yesterday approved 22 Foreign Direct Investment, FDI proposal of worth Rs. 511.5 crore based on the recommendation of Foreign Investment Promotion Board (FIPB) in a meeting that held on November 16.

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This proposal will allow investing directly in India to the permitted companies on share basis.

International Finance Corporation, the private sector wing of World Bank, Angel Infin Private Ltd, US based global private equity player Goldman Sachs and Australia’s firm Macquarie will share investments in domestic stocks, commodities and public and private sector firms in India.

IFC will share 18 percent investment in domestic stock market while commodities brokerage firm Angel Infin Pvt Ltd will invest Rs 152 crore in the same.

Goldman Sachs and Macquarie will buy the share portion of 40 per cent of PTC India Financial Services Ltd, a non-banking financial arm of power trading firm PTC India Ltd that was formally known as Power Trading Corporation of India, in worth Rs 155.74 crore.

The Ministry has also approved the proposal of Central Depository Services Ltd, CDSL to sell a five per cent bet to Croupier Prive Private Equity Ltd. Amounting Rs. 16 crore while Finland’s UPM Kymmene proposal to set up a joint venture for trading of recycled paper has also been cleared.

In other proposals, Ministry has green signaled to Chennai-based Sical Infra Assets, an infrastructure company to sell 26 per cent share involving Rs. 106.60 crore, to Japanese industry Yachiyo to invest Rs. 30 crore and to Bluechip Corporation Investment Ltd. to invest Rs 20.50 crore through FDI.

Besides these, Finance Minister has also approved several proposals relating to Commerce, Food Processing Industries, Heavy Industry, Industrial Policy & Promotion, Information & Broadcasting, Shipping, Railways and Economic Affairs.