Rs 305 cr FDI proposals cleared

The government on Tuesday approved 30 foreign direct investment proposals amounting to Rs 305.29 crore (Rs 3.05 billion), including the proposal of Japanese firm Kansai Paints to acquire stake in Mumbai-based GoodLass Nerolac Paints for Rs 104.27 crore (Rs 1.04 billion).

The proposals, recommended by foreign investment promotion board and approved by Finance Minister P Chidambaram, pertain to sectors like chemicals, agriculture, telecom, textiles, mines, power, IT and NBFC activities, an official release said.

It also included the proposal of San Francisco-based Farallon Capital Management to pick up stake in Delhi-based NBFC IndiaBulls Credit Services Ltd by issuing fresh equity worth Rs 79.63 crore (Rs 790 million).