Government clears Sistema’s FDI approval
Among 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).