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Govt clears 23 FDI proposals of Rs418 crore

Govt clears 23 FDI proposals of Rs418 crore
PTI
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First Published: Fri, Jun 01 2007. 01 07 AM IST
Updated: Fri, Jun 01 2007. 01 07 AM IST
The government on Thursday cleared UBS India’s plans to acquire domestic non-banking finance companies (NBFCs) as part of the approval granted to 23 FDI (foreign direct investment) proposals involving investments of Rs418.33 crore.
The proposal, approved by finance minister P. Chida-mbaram, will allow UBS India to acquire shares of the existing NBFCs with an estimated investment of Rs224 crore.
The FM also approved the proposal of Christian Dior SA, which owns a controlling stake in the world’s largest luxury goods maker, to set up Dior-branded stores. Christian Dior was allowed to buy a 51% stake in a company to set up Dior stores. It will invest Rs1.1 crore for setting up the stores, the finance ministry said.
Four foreign investors were also allowed to pick stake in the Bombay Stock Exchange (BSE) at an investment of Rs13 lakh. As a result, FDI in BSE could go up to 16%. The government also allowed BT Telecom India to change the status of its operating firm into an operating-cum-holding entity to make downstream investments of up to Rs142.60 crore.
Bloomberg contributed to this story.
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First Published: Fri, Jun 01 2007. 01 07 AM IST