The Bombay Stock Exchange has agreed to sell 41 per cent stake to a clutch of domestic and foreign investors for about 385 million dollars, subject to regulatory approvals.
The government on Wednesday cleared 21 foreign direct investment proposals worth Rs 18.46 crore.
The Securities and Exchange Board of India (Sebi) on Wednesday announced a slew of measures to ease the compliance burden in the stock markets ecosystem, encourage more companies to list on the bourses after reverse flipping to India, and facilitate greater foreign fund flows into government bonds.
The proposal was cleared by the Foreign Investment Promotion Board, Finance Ministry said in a statement.
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.
The proposed FDI of Rs 503.37 crore (Rs 5.03 billion) by ArcelorMittal, Netherlands, has been approved by the Foreign Investment Promotion Board, the finance ministry said in New Delhi.
The proposals, approved by Finance Minister P Chidambaram on the recommendation of Foreign Investment Promotion Board, also included the offer from cement manufacturer Lafarge India for merger of Lafarge India Holding Pvt Ltd with Lafarge India Pvt Ltd, according to the finance ministry. The Lafarge's proposal was cleared as per the order of Bombay high court, a finance ministry statement said.
Finance Minister Jaswant Singh on Monday approved 34 foreign direct investment proposals worth Rs 77.11 crore (Rs 77.1 million).
The much-awaited guidelines on foreign direct investment in telecom are expected to be notified this month with companies likely to be given a maximum of four months
The government on Tuesday cleared 23 foreign direct investment proposals worth Rs 63.41 crore (Rs 634 million).
Besides doubts relating to round tripping of investments through Mauritius, the proposal was earlier rejected on the ground that there were no details about the offshore entity.
The government cleared 15 foreign direct investment proposals worth Rs 70.1 crore (Rs 701 million) including that of Honda Motor, Teva Pharmaceuticals, Fijitsu, Atlanta Electricals and Marubeni Corporation.
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.
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".
Financial power-house JP Morgan's Rs 175 crore (Rs 1.75 billion) investment in its Indian arm was among the 44 foreign direct investment proposals worth Rs 222.19 crore (Rs 2.22 billion) cleared by the government on Tuesday.\n\n\n\n
The proposals were cleared by Commerce and Industry Minister Arun Shourie on the basis of recommendations made by the Foreign Investment Promotion Board, an official release said.
The divestment ministry is approaching the Foreign Investment Promotion Board for permission to allow foreign institutional investors, NRIs and overseas corporate bodies to participate in the ensuing public offer for government stake in MUL.
The Foreign Investment Promotion Board has cleared a proposal by German plastic moulding major Ralf Schneider to set up a wholly-owned subsidiary in India, setting aside objections raised by its former Indian partner Larsen & Toubro under Press Note 1 of the Foreign Direct Investment policy.
The Union government on Friday cleared 25 foreign direct investment proposals worth Rs 201.58 crore (Rs 2.02 billion), including one for the development of integrated township in Bangalore.
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 cro
Hong Kong-based Hutchison Telecom International Ltd, which sold its majority stake in Hutch-Essar to Vodafone, has already made its final submission before the investment regulator.
The Securities and Exchange Board of India (Sebi) on Monday approved the introduction of a new asset class, designed to offer greater flexibility to fund managers and target investors with a higher risk appetite. The markets regulator also cleared the liberalised Mutual Funds Lite (MF Lite) framework, aimed at fund houses that solely launch passively managed schemes. In another significant move, the board reduced the timeframe for rights issues from the current 317 working days to just 23.
"There could be a slight delay in getting the approval from SEBI, so there could be few days delay in starting the open offer but we are still on target to complete this transaction by middle of December."
Starbucks Coffee International, the world's biggest coffee chain is finally entering India.
Finance Minister Jaswant Singh has cleared 38 foreign direct investment proposals worth Rs 121.46 crore (Rs 1,214.6 million), including those of the United States-based Nalco Chemicals and French company FCI.
However, the finance ministry is yet to apply its mind on whether to merge the interim Pension Fund Regulatory and Development Authority with Insurance Regulatory and Development Authority or have two separate regulators for pension and insurance.
The government has so far approved 73 foreign direct investment proposals worth Rs 4,044 crore for the mining sector.
A battle is brewing in the families which run the Jagran group of newspapers. The group's flagship brand, Dainik Jagran, is the country's largest circulated newspaper.
Finance Minister Jaswant Singh on Tuesday approved 23 foreign direct investment proposals involving Rs 40.76 crore (Rs 407.6 million) including that of US-based Pitney Bowes to set up a wholly-owned subsidiary in India.
The government on Tuesday cleared 26 proposals envisaging foreign direct investment worth Rs 16.08 crore (Rs 160.8 million) including a Rs 5.03 crore.
After acquiring brands such as Yardley from Procter & Gamble and Finesse and AquaNet from Unilever, Lornamead , the UK-based personal care products company, betting big on India.
With the shifting of the Foreign Investment Promotion Board to the finance ministry, the government has now reconstituted the board appointing Finance Secretary S Narayan as its chairperson.\n\n\n\n
The Foreign Investment Promotion Board on Friday cleared 68 per cent foreign shareholding in cellular company Hutchison Essar, including the 10 per cent indirect stake held by Egyptian telecom operator Orascom.
