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Govt okays 28 FDI offers totalling Rs 1,327 cr

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Press Trust of India Posted: Jul 05, 2008 at 2332 hrs IST
New Delhi: Global retail major Marks & Spencer’s proposal for 51 per cent foreign direct investment (FDI) in single brand retail business is among the 28 proposals totalling Rs 1,327.7 crore that have been approved by the government.

“Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on June 24, finance minister P Chidambaram has approved 28 proposals of FDI,” said a Finance Ministry statement.

The approved proposals relate to Ministries and Departments of Chemicals & Petro-chemicals, Industrial Policy & Promotion, Information & Broadcasting, Urban Development and Tourism and Economic Affairs.

Two other retail proposals which got approval are Pearle Europe for induction of 50 per cent FDI for single brand retail trading and Giordano Fashions to establish a chain of single brand retail stores.

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The retail proposals have been cleared subject to the condition of Press Note 3, 2006 under which no single foreign institutional investor can directly or indirectly hold more than 10 per cent equity in the venture.

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