IFC, Sachs among 22 FDI plans OK’d

NEW DELHI: The government has approved 22 FDI proposals totalling an inflow of Rs 511.50 crore, including World Bank’s private sector arm IFC and global private equity player Goldman Sachs. IFC would pick up 18% stake in domestic stocks and commodities brokerage firm Angel Infin for Rs 152 crore. US-based Goldman Sachs and Australia’s Macquarie will pick 40% stake in PTC India Financial Services, a non-banking financial arm of power trading firm PTC India, for Rs 155.74 crore.

However, a proposal of Flemingo to open duty free shops outside airports and in hotels has been rejected. The Board has also put on hold famous designer Dolce & Gabbana’s proposal for setting up a joint venture with Indian realty biggy DLF to undertake single brand retailing of fashion and lifestyle products. FIPB has also deferred a decision on the proposal of Russia’s Sistema Joint Stock Financial Corp to increase its stake from 10 % to 74 % in a telecom firm.

The proposal of Chennai-based Sical Infra Assets, a infrastructure company, to ell 26% stake for Rs 106.6 crore has been cleared.FIPB has also approved a proposal of Japan based Yachiyo Industry to invest Rs 30 crore for manufacturing of plastic fuel tanks for automobiles, and Bluechip Corp Investment to induct Rs 20.50 crore as FDI.However, a proposal of Bycell Telecommunications to start GSM-based cellular services across the country was deferred.