The Hindu Business Line : Bycell proposal among FDI worth Rs 741 cr okayed

THE Government today approved 44 proposals involving FDI worth Rs 741 crore including those of Swiss telecom major Bycell, CDC, Citigroup, Standard Chartered Bank, British Gas, and Adidas.

The proposals that the Finance Minister, Mr P. Chidambaram, has approved include UK-based CDC Group Plc's plan to invest Rs 74 crore for picking up stake in an asset reconstruction company to be floated by Corporation Bank and ING Vysya Bank.

Standard Chartered has been given the go-ahead for floating an ARC.

The proposal for Citigroup Venture Capital of Mauritius for investing Rs 11.49 crore in Spentex Industries has also been approved.

KRBL, a rice exporter, has been permitted to raise Rs 66 crore through GDR issue, while Cargill Mauritius has been allowed to invest in its Indian arm.

Adidas AG of Germany and Adidas International BV of Netherlands have been allowed to transfer shares worth Rs 4.72 crore in the name of the parent company.

Also, British Gas has been allowed to hold 50 per cent stake in Mahanagar Gas Ltd for one more year till December 2006.

The Minister also granted approval to Dun & Bradstreet Corporation of the US to foray into non-banking finance with an investment of Rs 2.20 crore; LB India Holding has been allowed to set up an investment company here.

Befesa Construction, a Spanish company, has received approval for its plan to invest Rs 28.75 crore in Chennai Water Desalination Ltd.

The proposal from New Vernon Bharat Ltd for investing Rs 44 crore in Eastern Condiments too was okayed by the Minister.

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