Govt clears 30 FDI proposals

NEW DELHI: Government on Tuesday approved 30 Foreign Direct Investment proposals amounting to Rs 305.29 crore, including the proposal of Japanese firm Kansai Paints Co to acquire stake in Mumbai-based GoodLass Nerolac Paints for Rs 104.27 crore.

The proposals, recommended by Foreign Investment Promotion Board and approved by Finance Minister P Chidambaram, pertain to sectors like chemicals, agriculture, telecom, textiles, mines, power, IT and NBFC activities, an official release said.

It also included the proposal of San Francisco-based Farallon Capital Management to pick up stake in Delhi-based NBFC IndiaBulls Credit Services by issuing fresh equity worth Rs 79.63 crore.