NRI Real Estate and Property Investment in India
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23 FDI proposals meet Indian Government Approval
Friday, June 01, 2007

Foreign Direct Investment (FDI) proposals worth Rs.418.33 crore were cleared by the Finance Ministry yesterday, based on the recommendations of the Foreign Investment Promotion Board (FIPB).

Of the 23 proposals that were approved, UBS India’s subscription to shares of Non Banking Finance Companies (NBFCs) to the tune of Rs. 224 crore was the largest. Four foreign investors have also been permitted to buy up stocks of the Bombay Stock Exchange worth Rs. 13 lakhs.

With this transaction, the share of FDI in BSE would go up to 16%. Approval has also been granted to BT Telecom India to change its status to operating-cum-holding company, to enable it to make downstream investments of Rs. 142.60 crore.

Amongst other approvals awarded, Ind-Barath Power Infra, INX Media and Christian Dior Couture involve investments between 1 to 5 crore.

The go-ahead has, in addition, been accorded to TV 18 HSN holdings, INX Media, A.L.Khaleej Sugar and Vestas Wind Technology to make investments in India.

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