Proposals of Principal Financial Group, South African Breweries, AB Electrolux and Caterpillar Inc were among the 52 foreign direct investment cases totalling Rs 321 crore (Rs 3.21 billion) approved by the government on Thursday.
On the recommendations of Foreign Investment Promotion Board, Finance Minister Jaswant Singh approved the Rs 168 crore (Rs 1.68 billion) FDI proposal of Principal Financial Group for buying out 50 per cent stake of IDBI in their mutual fund joint venture IDBI Principal Asset Management Company.
Principal, which will now hold 100 per cent in the AMC, also got FIPB nod for acquiring IDBI's 50 per cent stake in the trustee company for Rs 94 crore (Rs 940 million), an official release said.
South African Breweries International (Asia) BV got the go-ahead for acquiring 15 per cent stake from resident shareholders in its Indian arm for Rs 8 crore (Rs 80 million).
US-based Caterpillar Inc got the permission to acquire 62.5 per cent in Hindustan Power Plus for Rs 5 crore (Rs 50 million).
The government cleared the proposal of Swedish consumer giant AB Electrolux proposal to hike its stake up to 100 per cent in its Indian joint venture Electrolux Kelvinator Ltd.
Tyre major Bridgestone Corporation got the green signal to convert its external commercial borrowing into equity in its Indian arm Bridgestone ACC India.
Finland-based Wartsila Development and Financial Services got the green signal to invest 30 per cent amounting to Rs 5.40 crore (Rs 54 million) in Wartsila India.
The government cleared Jumbo World Holdings' proposal to increase its stake in Chennai-based Gordon Woodroffe Ltd to 88.59 per cent from 10.11 per cent for an investment of Rs 7.85 crore (Rs 78.5 million).
UK's Vivendi Water Plc obtained approval for picking up 49 per cent in a joint venture in India, while General Atlantic Partners will hike its stake in Indian arm to 100 per cent from the existing 99.5 per cent.
Belgium-based Brachot Hermant got the FIPB nod for increasing its stake in Indigra Exports from 75 to 87.5 per cent at a cost of Rs 29.9 lakh (Rs 2.99 million).
German company Schutz & Co has been allowed to invest 80 per cent in its Indian subsidiary for Rs 16 lakh (Rs 1.6 million).
