FIPB clears 17 FDI proposals totalling 285 cr

New Delhi, Sept 5: Finance Minister P Chidambaram has approved 17 Foreign Direct Investment(FDI) proposals totalling Rs 284.77 crores, including a Rs 206 crore project of France-based M/s Sogeparticipations for a wholly owned subsidiary to undertake the activities of portfolio management and investment advisory services.

The French company's proposals attracts provision of Press Note 1.

The proposals were given the seal of approval by Foreign Investment Promotion Board (FIPB) in its meeting held on August 31, 2007.

The FIPB cleared the proposal of M/s JTEKT Sona Automotive India Ltd, New Delhi, for setting up a joint venture company with foreign equity of 51 per cent from JTEKT Corporation, Japan.

The new company will undertake manufacture and sell Column Type Electric Power Steering (C-EPS) Systems proposal. The proposal attracts Press Note 1 provisions. The Indian partner is Sona Koyo Systems Ltd.

The clearances also relate to induction of foreign equity in Delhi Stock Exchange (DSE) by two companies. The first is by Mauritius- based M/s Vermon Private Equity Ltd, entailing an investment of Rs 10.61 crore by way of acqusition of up to five per cent of shares of Delhi Stock Exchange.

The second is an induction of equity amounting to Rs 10.61 crore in DSE for acquisition of five per cent of shares.

Phoenix Comtrade Pvt Ltd, Mumbai, has been permitted induction of foreign equity up to 100 per cent in this company by Phoenix Commodities Ltd, British Virgin Islands, The company will be engaged in the activity of future markets and trading on commodity exchanges, besides other wholesale export, import and trading activities. The amount involved is Rs 4.14 crores.

M/s Diesel Fashion India Arvind Pvt Ltd. has been allowed to set up single brand Diesel Retail stores in India with a foreign equity of up to 51 per cent from Diesel International BV, Netherlands, to undertake men's and women's wear, footwear and related accessories in collaboration with Arvind Mills Ltd. The foreign equity is of the order of Rs 5.10 crores.

M/s Tod's Hong Kong Ltd will set up a single brand Tod's Retail stores in India with a foreign equity of up to 51 per cent from Tod's Hongkong, to undertake selling including leather items, shoes, men and women ready to wear and accessories, in partnership with Bukhanvala Holdings Ltd. The quantum of foreign equity is of Rs 5.70 crores.

The FIPB rejected two proposals, namely that of M/s Grupo Omnilife S A de C V Mexico and M/s Flemingo Duty Free Shop Pvt Ltd.

In the Grupo case, the applicant has been advised to submit a revised proposal in view of change in policy.

UNI