The Hindu : Business : Rs. 1,079 cr. FDI proposals cleared

Online edition of India's National Newspaper
Wednesday, Aug 22, 2007
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Business

Rs. 1,079 cr. FDI proposals cleared

Special Correspondent

NEW DELHI: The Central Government on Tuesday approved the proposal of Blackstone GPV Capital Partners Mauritius V-B Ltd. to bring in Rs. 447.20 crore as foreign direct investment (FDI) into an operating-cum-holding company, SKR BPO Services, and to make further downstream investment by way of acquisition of existing shares.

The Blackstone proposal was among the 20 proposals entailing a total FDI of about Rs. 1,078.65 crore which were cleared by Finance Minister P. Chidambaram on the recommendations of the Foreign Investment Promotion Board (FIPB).

Among the major clearances, Mumbai-based ICICI Bank has been permitted to bring in Rs. 214 crore by way of induction of foreign investment up to 24 per cent in a new subsidiary which is proposed to be a holding company for four of the existing subsidiaries of ICICI Bank. This is to include two subsidiaries engaged in insurance business.

Likewise, Hyderabad-based Ind-Barath Power Infra Pvt. Ltd. has received the Government’s nod to induct Rs. 151.33 crore as additional foreign equity. In the hospitality sector, AAPC Hotel Management Pte. Limited of Singapore has been allowed to pump in Rs. 120 crore for induction of foreign equity in three companies that are engaged in the hotel industry.

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