Government clears Sistema’s FDI approval

Submitted by Sunil Kashyap on Wed, 12/02/2009 - 22:54

Sistema Shyam TeleservicesAmong the 17 foreign direct investment approvals, government has green signaled the Sistema Shyam Teleservices' proposal to issue shares worth over Rs 3,000 crore to the Federal Agency for State Property Management for Russian Federation.

Gucci's plan to buy 51% stake in Luxury Goods Retail Ltd is also one of the other major proposals which has got government's approval.

According to an official statement, in all, 17 proposals involving FDI of over Rs 4,551 crore have been approved at the Foreign Investment Promotion Board meeting on November 20. And FIPB has rejected 4 applications including one by EADS and Larsen and Toubro to form two joint ventures for defense equipment and services.

The list of other proposals approved by the government includes, Bengal Aerotropolis Projects Ltd.'s plan to bring in Rs. 100.81 crore for issue of partly paid equity shares, and Tata India Holdings A Ltd., Mauritius, proposal to bring in Rs. 74.77 crore to acquire equity shares in stock exchange.

Pepsico's proposal to invest Rs. 928 crore of foreign equity to its foreign operations is under consideration of the Cabinet Committee on Economic Affairs (CCEA).


Tagged with

Miscellaneous

Reliance Industries Purchase an Additional 0.68% Interest in EIH Ltd.

Reliance Industries Purchase an Additional 0.68% Interest in EIH Ltd.

Owner of Energy giant Reliance Industries, Mukesh Ambani has put in an extra 0.68% in EIH Ltd. With this, his total stake in the hotel chain has increased to 14.8%. In a filing to the Bombay Stock Exchange, EIH said that the shares were purchased from the market on Tuesday.

Shares of Reliance surged 0.3% at Rs. 939.3 in proportion to the Mumbai market at 1.26pm, while EIH shares witnessed a 4.5% rise at Rs. 150.2.

On Monday, Reliance was quoted saying that it is widening its horizon and has procured 14.12% stake in EIH for a sum of $217.5 million.

Bajaj Auto Records 55% Surge in Sales of Vehicles in August

Bajaj Auto Records 55% Surge in Sales of Vehicles in August

On Thursday, Bajaj Auto posted a 55% increase in its sales of vehicles. In the month of August, the Company recorded sales of 3,29,364 vehicles, compared to 2,13,072 units in the same month the year before.

Last month, 2,89,176 two wheelers were sold by Bajaj Auto, a big surge than 1,82,441 units, which were sold in August 2009. The Company’s cumulative sales of two wheelers for the time frame between April and August 2010 increased by 68% and were recorded at 1,397,348 units. The number was high from 833,235 units that were retailed during the same period last year.

© Copyright 2010