The Centre, on Wednesday, approved 17 investment proposals envisaging Foreign Direct Investment (FDI) worth nearly Rs 285 crore. These were cleared by Finance Minister P Chidambaram on the basis of recommendations made by Foreign Investment Promotion Board (FIPB).

The French firm, Sogeparticipations, plans to set up wholly-owned subsidiary for providing financial services bringing FDI worth Rs 205.8 crore. The subsidiary plans to undertake portfolio management and investment advisory services.

However, it would have to meet the conditions of Press Note 1, as per which it must secure approval of Societe Generale’s existing joint venture with State Bank of India that provides asset management services. The joint venture by Arvind Mills and Netherland-based lifestyle company Diesel Fashion for selling Diesel’s garments and accessories in the country will bring in Rs 5.10 crore of foreign investment. Dutch advertising firm Publicis Group acquisition of Capital Advertising Private Ltd, will bring in FDI of Rs 0.03 crore.

Other proposals
JTEKT Sona Automotive India Ltd’s proposal to set up a joint venture with foreign equity of 51 per cent from JTEKT Corporation of Japan was also approved. It would make and sell column type electric power steering systems.
New Vernon Pvt Equity and Passport Global Master Fund SPC Ltd of British Virgin Islands picking up 5 per cent stake each in Delhi Stock Exchange for a total of Rs 21.22 crore were also cleared. With this, DSE will have FDI of 25 per cent of so far. The proposal of Flemingo Duty Free Shop Pvt Ltd and Mexico’s Grupo Omnilife S.A.de, were however rejected.

Tthe Centre cleared Rs 5.70 crore proposal of Tod’s Hong Kong Ltd. Mumbai-based Phoenix Comtrade Pvt Ltd’s proposal for induction of foreign equity up to 100 per cent in the company by Phoenix Commodities Ltd of British Virgin Islands. It is expected to bring in capital inflow of Rs 4.14 crore. Equant Network Services India Pvt Ltd propoval will bring FDI worth Rs 9.39 crore through induction of foreign equity up to 74 per cent by EGN BV of Netherlands and Equant Pte of Singapore.