FDI proposals worth Rs 1,498 cr cleared by FIPB

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New Delhi, Oct 31 (UNI) The government today announced clearing 40 Foreign Direct Investment (FDI) proposals resulting in inflow of Rs 1,498 crore, including Asset reconstruction company ARCIL's Rs 272.86 crore proposal to induct a new foreign collaborator and increase foreign stake from five to 14.6 per cent.

The proposals were cleared by Finance Minister P Chidambaram on the recommendations of Foreign Investment Promotion Board(FIPB), include a Rs 400 crore plan by financial services firm ILFS-ORIX Trust.

In the Information and Broadcasting sector, the Netherlands' Russel Square Holding proposal got the FIPB nod to set up a joint venture and undertake the business of advertising, which would get FDI of Rs 80 lakh.

Star CJ Networks proposals for creating television channels was also approved.

Fashion brand Louis Vuitton plan to bring in Rs 150 crore for making downstream investment and Marks and Spencer proposal to convert operating company into an operating-cum- holding company but without any fresh FDI inflow also got the approval.

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