Government clears 46 FDI proposals worth Rs 408.22 cr

NEW DELHI: Government said on Wednesday it has cleared 46 Foreign Direct Investment (FDI) proposals worth about Rs 408.22 crore, including that of Nike Inc of the US and BMW Holding of Germany.

The US-based sportwear giant had been granted permission to set up a wholly-owned subsidiary in India with an investment of Rs 1 crore and to carry out cash and carry wholesale trading of footwear as well, an official release said here.

BMW, which provides home loans to Residents and NRIs in India, has been given the nod for enhancement of foreign equity from 50 per cent to 100 per cent.