12 FDI proposals worth Rs 1,400 cr cleared
The government on Wednesday cleared 12 proposals, including National Housing Bank's Rs 570-crore plan, which will bring over Rs 1,400 crore of foreign direct investment into the country.
By PTI |
NEW DELHI: The government on Wednesday cleared 12 proposals, including National Housing Bank's Rs 570-crore plan, which will bring over Rs 1,400 crore of foreign direct investment into the country.
The proposals, cleared by Finance Minister P Chidambaram on the recommendation of the Foreign Investment Promotion Board, included a Rs 570 crore proposal from housing finance regulator NHB to set up a joint venture in the field of mortgage guarantee activities.
NHB will set up the JV with United Guaranty Corporation and International Finance Corporation, both from the United States.
The JV will address the issue of loan defaults which would help banks spread lending activities across all segments and lower their risks.
Goldman Sachs proposal to undertake primary dealer activities will bring in Rs 34 crore of FDI.
Goldman Sachs will join a host of firms like ICICI Securities, Bank of Baroda, Corporation Bank, IDBI Cap, HDFC Bank, Canara Bank, Kotak Mahindra and so on as primary dealers, which are financial intermediary dealing in government securities.
A proposal from Mumbai-based Polycab Wires to convert its operating company to operating-cum-holding company to make downstream investment will attract Rs 551 crore of FDI.
The proposals, cleared by Finance Minister P Chidambaram on the recommendation of the Foreign Investment Promotion Board, included a Rs 570 crore proposal from housing finance regulator NHB to set up a joint venture in the field of mortgage guarantee activities.
NHB will set up the JV with United Guaranty Corporation and International Finance Corporation, both from the United States.
The JV will address the issue of loan defaults which would help banks spread lending activities across all segments and lower their risks.
Goldman Sachs proposal to undertake primary dealer activities will bring in Rs 34 crore of FDI.
Goldman Sachs will join a host of firms like ICICI Securities, Bank of Baroda, Corporation Bank, IDBI Cap, HDFC Bank, Canara Bank, Kotak Mahindra and so on as primary dealers, which are financial intermediary dealing in government securities.
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A proposal from Mumbai-based Polycab Wires to convert its operating company to operating-cum-holding company to make downstream investment will attract Rs 551 crore of FDI.
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