Special Correspondent

Sogeparticipations of France to offer investment advisory services in India

NEW DELHI: The Central Government has permitted Sogeparticipations of France to bring in Rs. 205.80 crore as foreign direct investment (FDI) to set up a wholly-owned subsidiary for undertaking portfolio management and investment advisory services in India.

In two other approvals related to the stock market, the Mauritius-based New Vernon Pvt. Equity Ltd. and Passport Global Master Fund SPC Ltd. of British Virgin Islands have both received the Centre’s nod to bring in Rs. 10.61 crore each as induction of foreign equity in the Delhi Stock Exchange (DSE) by way of acquisition of up to five per cent of the equity holding of the bourse.

These three approvals are among the 17 FDI proposals that were cleared by Finance Minister P. Chidambaram on the recommendations of the Foreign Investment Promotion Board (FIPB).

In another major clearance, the New Delhi-based JTEKT Sona Automotive India Ltd. has been allowed to set up a joint venture with 51 per cent foreign equity to be held by JTEKT Corporation of Japan through an investment of Rs. 28.92 crore to undertake manufacture and sale of column type electric power steering (C-EPS). In the telecom sector, the proposal of Equant Network Services India Pvt. Ltd. has been approved for induction of Rs. 9.39 crore as foreign equity up to 74 per cent by EGN BV, Netherlands, and Equant Pte, Singapore, in a company engaged in ILD and NLD telecommunication services.