The Foreign Investment Promotion Board, headed by DEA Secretary Arvind Mayaram, approved the proposal at its meeting in New Delhi.
AirAsia's Fernandes says CEO for India will be an Indian; proposed airline firm with Tata may hit ministry hurdle
The foreign investment proposal by Italian jewellery brand Damiani to set up a 51:49 joint venture with Mehta's Pvt Ltd also got the government's approval, sources said.
It has sought the permission of the Foreign Investment Promotion Board to start single-brand retail outlets.
When IKEA's CEO & India's industry minister sealed a deal in-principle last year, foreign investors took note.
India's foreign investment panel has approved Swedish retailer IKEA's Rs 10,000 crore plan to set up shop in the country, the trade minister said.
DEA official writes to DIPP suggesting that govt needs to understand what has been left out, and why, in the revised application of the retailer.
His father, P Chidambaram, said he will return after a few days.
The Aircel-Maxis row on Monday led to fresh uproar in Rajya Sabha with the Opposition targeting with fresh allegations the son of Home Minister P Chidambaram, who denied any wrongdoing and said the company in question -- Advantage Consulting -- could be probed by the finance ministry.
So, the fight is for the signature cafe, restaurant and the Swedish meat ball IKEA is known for, besides its furniture stores.
The United Progressive Alliance government has rejected Janata Party chief Subramanian Swamy's allegations against Home Minister P Chidambaram in the Aircel-Maxis equity issue saying they were "totally baseless".
The proposal was cleared by the Foreign Investment Promotion Board, Finance Ministry said in a statement.
The aviation minister, Ajit Singh, on Tata-Air Asia joint venture
FIPB panel to meet today, discuss telecom investments.
The Enforcement Directorate (ED) is proposing a penalty on German sportswear giant Adidas' subsidiary Reebok India for alleged violations of the Foreign Exchange Management Act (Fema).
The government also increased the power of the FIPB.
The apex court was hearing two separate petitions filed by Chidambaram challenging the Delhi high court August 20 verdict by which his anticipatory bail was dismissed in the cases registered by both the agencies-- CBI and ED.
'It's the court, not the government that decides where to put the people who indulge in corruption'
Three suspected associates of Karti --Bhaskar Raman, Ravi Vishwanathan and Mohanan Rakesh -- are also being questioned
Agenda for FIPB meeting on Jan 18 doesn't mention its application.
FIPB likely to allow cafs and restaurants in its review of conditional approval on December 31.
It plans an investment Rs 20 crore.
Brand name rule might be waived for Swedish major's mega investment proposal, indicates DIPP; final revision of its application likely by end-August.
Eighteen of 30 product categories proposed by Swedish furniture major struck off.
In a major relaxation of foreign investment rules in the pharma sector, a special group set up under the finance ministry has suggested it could consider permitting up to 49 per cent FDI (foreign direct investment) in the automatic route for brownfield investments in case the company's control remained in Indian hands.
Tightening the norms, the government has done away with automatic approval of foreign direct investment (FDI) in the existing pharmaceutical companies.
This is the largest investment in the single-brand retailing ever since the government has allowed foreign direct investment.
Four proposals by foreign firms deferred; half a dozen others waiting in the wings.
Karti granted interim protection from arrest till July 10 .
The application for narco analysis test assumes significance as the agency yesterday alleged that Karti was not cooperating in the investigation and was 'evasive' in his replies.
A bench of Justices R Banumathi and A S Bopanna said it would hear the arguments of the Enforcement Directorate on Chidambaram's two petitions, including the challenge to remand orders, on Wednesday.
Analysts say July 23, 2011, was like a red letter day for foreign investors when the Committee of Secretaries, headed by Cabinet Secretary Ajit Kumar Seth, recommended opening up the multi-brand retail trade.
P Chidambaram's son Karti was arrested on February 28 at the Chennai airport on his return from the United Kingdom, for his alleged role in facilitating Foreign Investment Promotion Board clearance for INX Media Ltd. and its directors, Peter and Indrani Mukerjea.
A Planning Commission expert group on Tuesday recommended that all mergers and acquisitions (M&As) in the pharmaceutical industry should be cleared by competition watchdog, CCI to ensure that such deals do not result in monopolies and increase in drug prices.
A combined 7.82 million shares representing 36% of free float equity of the private airliner have changed hands on BSE and NSE till 1500 hours.
A committee of secretaries will be meeting soon to consider a draft proposal, which suggests that decision-making on all policy issues pertaining to FDI be transferred from the Department of Industrial Policy & Promotion (DIPP) in the Ministry of Commerce to the Department of Economic Affairs (DEA) in the Ministry of Finance.
The Foreign Investment Promotion Board (FIPB) has rejected a proposal by Mauritius-based Axiata Investments 2 India Ltd, part of Asian telecom giant Axiata Group, to increase its stake in Idea Cellular by acquiring shares from the stock exchange.
Senior Congress leader P Chidambaram's son Karti's name has also cropped up in the case
Ananjan Mitter, partner at ALMT Legal, a law firm, has represented Air Charter Service in the venture's application to the Foreign Investment Promotion Board, a key wing in the finance ministry that vets foreign direct investments proposals of companies.
The note recommends allowing FDI in domestic firms through the issue of partly-paid up shares and convertible warrants, but with certain riders.
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