Maran gives nod to Rs 500 cr FDI

new delhi: commerce and industry minister murasoli maran has cleared 29 foreign fdi proposals worth rs 500 crore. the approved proposals include permission to citibank to set up a wholly owned non-banking financial company (nbfc) envisaging an investment of rs 50 crore. the minister has also cleared ballarpur industries proposal to float a rights issue worth rs 240 crore for less than 19 per cent to a non-resident indians (nris) and nestle’s proposal to hike stake to 64 per cent. jardine fleming has also been permitted to increase the foreign equity level in its merchant banking, corporate finance, stock brokering and asset management outfit from the existing 75 per cent to 100 per cent. the increase in foreign equity would entail a cost of rs 101.94 crore, according to an official release issued here today. gillete’s proposal for infusion of fresh funds by way of capital grants and reebok international’s proposal for an amendment in the existing foreign collaboration approval have also been cleared. nestle has received an approval for increasing its foreign equity stake from the existing 53.96 per cent to 63.95 per cent (rs 9.64 crore), bauch & lomb’s and leo burnett’s proposals for an amendment in the existing foreign collaboration approvals have also been cleared.