SBIFM, Lankan company among 28 FDI plans approved

NEW DELHI: Finance Minister P Chidambaram has approved French financial services major Societe Generale Asset Management to acquire 37% stake in SBI Funds Management.

The proposal involves inflow of foreign direct investment (FDI) aggregating to Rs 167.4 crore and the approval is on the basis of a clearance provided by the Foreign Investment Proposal Board (FIPB).

Mr Chidambaram has also cleared Ceylon Biscuits of Sri Lanka to invest Rs 10 crore in India. These are among 28 FDI, proposals worth Rs 241.41 crore approved by the finance minister on Tuesday in the latest batch of clearances.

A proposal from a consortium led by CIDB of Malaysia to invest Rs 16.60 crore in construction of national highways figures among the projects cleared by the finance minister. Most of the FDI proposals cleared pertain to wholesale trading, road transport, highways, food processing and IT.

The other major proposal cleared on Tuesday included that of US-based Thunderbird Industries to infuse Rs 20 crore fresh equity in its Indian arm.