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.
Tata Motors is likely to have one more achievement to cheer about as it gets into the new financial year, when Thailand's Board of Investment (BoI) approves the company's proposal to make an eco-car. A BoI official in Bangkok told Business Standard that the internal approval meeting, scheduled for April 2, 2008, was likely to give its nod to India's third largest passenger car maker to manufacture the eco-car.
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.
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 government on Tuesday cleared 34 foreign direct investment proposals worth Rs 617.28 crore, including Zee Telefilm's plans to issue Rs 480 crore foreign currency convertible bonds to two foreign companies.
The government on Thursday cleared 47 proposals envisaging Rs 285 crore (Rs 2.85 billion) foreign direct investment, including a proposal by Hewitt Associates to set up a 100 per cent subsidiary in India with Rs 120 crore (Rs 1.2 billion) investment.
The government has approved 23 foreign direct investment proposals including the Rs 460 crore (Rs 4.60 billion) plan of Shell Gas BV to set up a 100 per cent subsidiary in India to market transportation fuels.
Last fortnight, State Bank of India Chairman C S Setty lifted the veil on a subject long spoken of in corporate corridors: Why can't our banks finance mergers and acquisitions (M&As)? Change is in the air: Indian Banks' Association (of which Setty is the chairman) is to "make a formal request" to Mint Road to make way for it. Thus far the exclusive turf of foreign banks even though its funding remains offshore - as in, it's not on these entities rupee-book (and a few select shadow banks) - a most lucrative segment in the investment banking suite, M&As, will be homeward-bound.
Independent Mobile Infrastructure Mauritius Ltd, a telecom infrastructure provider, has sought the Foreign Investment Promotion Board's approval for investing up to Rs 3,000 crore ($674 million) in India.
The finance ministry is understood to have turned down, for the second time, a proposal of Jaipur IPL Cricket (JIPL), the joint owners of the Rajasthan Royals IPL team, to transfer its entire equity abroad in a cashless transaction.
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.
Hong Kong-based Hutchison Telecom Limited is expected to submit details of loans to two Indian minority shareholders this week to the finance ministry, which is looking into alleged breach of foreign direct investment norms in Hutch-Essar.
When IKEA's CEO & India's industry minister sealed a deal in-principle last year, foreign investors took note.
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.
So, the fight is for the signature cafe, restaurant and the Swedish meat ball IKEA is known for, besides its furniture stores.
According to finance ministry officials, Bharti which is in exclusive talks with MTN till September 31, will also have to seek the approval from the Foreign Investment Promotion Board if the foreign direct investment limit (direct or indirect) crosses the 49 per cent limit.
Jet Airways' plans to raise $400 million through a share sale to foreign institutions may get delayed as the government on Thursday deferred a decision on the proposal of the private air carrier.
The Foreign Investment Promotion Board is believed to have permitted Pearson Overseas Holding to initially acquire 13.85 per cent in Business Standard
FIPB clears Telenor proposal to raise stake in Indian unit with the clause that officials who have worked in Pakistan will not be allowed in India.
The government has cleared 408 foreign direct investment proposals involving Rs 3,025 crore (Rs 30.25 billion) in the first half of this fiscal, the Lok Sabha was informed on Friday.
Plans majority stake in JV; to offer NLD, ILD, ISP services.
The government on Monday cleared 18 foreign direct investment proposals involving Rs 118.93 crore including Standard Chartered Private Equity's plan to pick up 14.35 per cent stake in NDTV for Rs 52.88 crore.
It has sought the permission of the Foreign Investment Promotion Board to start single-brand retail outlets.
The government has permitted Teva Pharmaceuticals of Israel and its Dutch subsidiary to together invest $8 million to acquire Regent Drugs from J&K Drugs and Pharmaceuticals.\n\n\n\n
The department of telecom has issued letters of intent to BT for national and international long distance services for offering managed services to corporate customers having sites in India.
Indian IT major Infosys Technologies' proposal to increase its American Depository Shares from 3.5 per cent to between 6.27 and 7.78 per cent was amongst 50 foreign direct investment proposals
Agenda for FIPB meeting on Jan 18 doesn't mention its application.
Tata Motors subsidiary Telco Construction Equipment Company Ltd (Telcon) has opposed a proposal to the Foreign Investment Promotion Board (FIPB) from John Deere for a joint venture with Ashok Leyland to distribute and market its construction equipment in India.
FIPB split over Bates' Sercon stake buy. Ravi Shastri's firm alleges violation of Press Note 1.
Official sources said the proposal of Essar, which was seeking to increase its equity held through foreign subsidiaries by 6.26 per cent to 22.04 per cent has been approved.
