New Delhi: The Government on Thursday cleared UBS India's plans to acquire domestic NBFCs as part of approval granted to 23 Foreign Direct Investment (FDI) proposals involving investments of Rs 418.33 crore.
The proposals approved by Finance Minister P Chidambaram will allow UBS (India) to acquire shares of the existing non-banking finance companies (NBFCs) with an estimated investment of Rs 224 crore.
These proposals were recommended by FIPB for approval by the Finance Minister, an official statement said here.
The minister also approved the proposal of four foreign investors to pick stake in the Bombay Stock Exchange at an investment of Rs 13 lakh. Consequent to this, FDI in BSE could go up to 16 per cent.
The Government also permitted BT Telecom India to change the status of operating company into operating-cum-holding company to make downstream investments of up to Rs 142.60 crore.
The minister also approved the proposals of Christian Dior Couture (Rs 1.10 crore), A L Khaleej Sugar Co. (Rs 15 lakh), Vestas Wind Technology India (no immediate inflow), INX Media (Rs 4.62 crore), TV-18 HSN Holdings (Rs 21 lakh), SA Sucre Export (Rs 5 crore), Ind-Barath Power Infra (Rs 8.73 crore), Thomson Holdings and Seed Works Puma Stationery (no fresh inflow in each).
The proposals of Inter-Public Mauritius (Rs 21 lakh), Bharat Earth Movers (Rs 4.9 crore), Continuum Systems (no fresh inflow), Shoei Furnaces (Rs 6 lakh), Rising Sun Die Castings (Rs 2 lakh), SSIPL Retail (Rs 26.50 crore), Mettler- Taledo India (Rs 1 lakh), Seven Hills Business Solutions, BBC Worldwide and Core Projects and Technologies (no fresh inflow in each) were also approved by the minister.
(With agency inputs)
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