Indian Govt. approved 20 foreign direct investment, worth Rs 1,078.65 crore

Govt approves 20 FDI proposals
NEW DELHI, August 21, 2007
PTI

Government today approved 20 foreign direct investment proposals worth Rs 1,078.65 crore, including ICICI Bank's plan to induct Rs 214 crore through FDI route.

Following the approval, the bank can offload up to 24 per cent in ICICI Financial Services, which is a holding company for its four existing subsidiaries including those engaged in insurance business - ICICI Prudential Life and ICICI Lombard.

ICICI Bank has already received a go-ahead from insurance regulator IRDA.

The FDI plans, cleared by Finance Minister P Chidambaram also includes Blackstone Mauritius' proposal to acquire shares in Delhi-based SKR BPO Services for Rs 447.20 crore.

The Finance Minister, however, rejected the investment proposal of Mauritius-based Passport India Investments and deferred decisions on five others, including those of Rajasthan Leather Industries, UK-based Kazstroy Services Plc, Braitrim India Pvt Ltd, E-18 Ltd and NRI Bhupendra Kumar Modi.

The government also cleared proposals of foreign firms picking up 5 per cent each in Delhi Stock Exchange for a total consideration of Rs 42.44 crore.

These firms are Mauritius-based Wilmette Holdings, Kuwait's Noor Financial Investment, Ikarus Industrial Petroleum Company and Kuwait Privatisation Projects Holding Company.

Other major FDI proposals include AAPC Hotel Management Pte and Japan-based Prime Polymer Co Ltd involving investment of Rs 120 crore and Rs 61.60 crore respectively.