FIPB approves FDI proposals worth Rs 647.47 cr

New Delhi, Dec 4 (UNI) Finance Minister P Chidambaram today approved 16 Foreign Direct Investment (FDI) proposals to the tune of Rs 647.47 crore including those of Dolce&Gabbana's Rs 36.5 crore investment and Sistema Joint Stock's Rs 187 crore.

The Italian designer Dolce&Gabbana was allowed to set up a joint venture in partnership with DLF group with 51 per cent foreign equity to undertake the business of single brand retail trading of all kinds of fashion and lifestyle products under the brand name 'Dolce&Gabbana' and 'DG Dolce&Gabbana' The Foreign Investment Promotion Board (FIPB) also approved Sistema Joint Stock Financial Corporation's investment of Rs 187 crore to increase its stake in telecom firm Shyam Telelink to 74 percent from the present 10 per cent, said a statement.

Bangalore-based HIPE Transport Ventures Pvt Ltd also got the approval for induction of FDI worth Rs 88 crore in an investing/holding company engaged to develop ventures relating to infrastructure like development of ports, transportation and logistics.

FIPB also approved investment of Grupo Omnilife SA de CV Mexico to establish a wholly-owned subsidiary to undertake test marketing and manufacture, sell and distribute its proprietary nutritional food supplements and cosmetic products in India at an investment of Rs 86 crore.

The government also allowed Continental to set up a new joint venture with an initial investment of Rs 55 crore to manufacture hydraulic brake systems for cars and trucks.

UNI