Centre clears 23 FDI plans worth over Rs 565 crore

Not withstanding objection from a parliamentary committee against opening of Foreign Direct Investment (FDI) in retail, the Centre, on Tuesday, cleared Dubai-based Damas’ plan for undertaking business of single brand retail trading in jewellery.

Damas plans to set up a joint venture with Gitanjali Lifestyle for single brand retail trading jewellery with an inflow of FDI Rs 180 crore.

This was among 23 investment proposals envisaging total investment of Rs 564.8 crore cleared by the government.

The government cleared the proposals on the recommendations made by Foreign Investment Promotion Board (FIPB).

The government also deferred 13 FDI proposals including that of Vijay Mallya-owned United Breweries plans for raising Rs 708 crore by issuing fully convertible equity warrants.

The proposals by G4s Corporate Services Ltd and Morgan Stanley were rejected by the government, an official release said.

The other significant FDI proposal cleared included French food products manufacturer Danone to enter into the food products business.

The amount of FDI proposed to be brought in has not been revealed as the company, which will be set up in India, is yet to be incorporated.

Earlier this year Danone had quit its joint venture project with Britannia. Among others cleared include:

The proposal of Mauritius-based HP India Holdings Limited to set up a joint venture company to undertake developing, owning and operating hotels in various cities and markets in India.

South Africa-based Sanlam Investment Management (Pty) Limited to bring in FDI worth Rs 43.4 crore for doing business in commodity broking.

Mauritius-based Lazard India Mauritius Limited to bring in FDI worth Rs 125 crore to invest in financial services was approved by the government.

US-based agri-processing firm Archer Daniels Midland’s (ADM) proposal for setting up an Indian arm was also given a go ahead by the government.

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