Govt approves 24 FDI proposals worth Rs 753 cr

New Delhi, Aug 6 (UNI) The government today approved 24 proposals of foreign direct investments (FDIs) entailing investment of Rs 753.11 crore.

The Foreign Investement Promotion Board, however, deferred decision on Pepsico India Holdings' request to increase its approved equity by 50 million dollars to 455 million dollars. The company's initial proposal had been approved both by the FIPB and Cabinet Committee on Economic Affairs, the Finance Ministry said in a statement.

Bangalore-based Devas Multimedia Pvt Ltd has been permitted to infuse Rs 317.85 crore of foreign equity in telecommunication sector, statement added.

Netherlands-based fashion house Ferragamo International B V (FIBV) has got the government nod to form a joint venture (JV) company with real estate major DLF's subsidiary Nelia Retail for retailing 'Salvatore Ferragamo' brand of premium clothing and accessories in the country.

The Dutch company will invest Rs 30 crore to own 51 per cent stake in Ferragamo Retail Pvt Ltd, while DLF Group will hold 49 per cent.

Japanese major Daiichi Sankyo, which recently acquired a substantial stake in Ranbaxy, has also been allowed to purchase and subscribe to equity shares of two Indian companies worth Rs 104.63 crore. However, the investment will attract Press Note 1, that is the Japanese company will have to get nod of its joint venture before launching operation in the same line.

Mahle of Germany has been allowed to set up a wholly owned holding company with an investment of Rs 140.92 crore.

UNI SAA MP BST1938