The Hindu : Business : 22 FDI proposals worth Rs. 512 crore cleared

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Saturday, Nov 24, 2007
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22 FDI proposals worth Rs. 512 crore cleared

Special Correspondent

IFC to pick up 18 p.c. stake in stocks and commodities brokerage firm

NEW DELHI: The International Finance Corporation (IFC) is to pick up an 18 per cent stake in domestic stocks and commodities brokerage firm Angel Infin Pvt. Ltd. for Rs. 152 crore, while U.S.-based Goldman Sachs and Australia’s Macquarie are to buy up a 40 per cent shareholding in PTC India Financial Services Ltd., the non-banking financial arm of power trading firm PTC India, for Rs 155.74 crore.

These two approvals are among the 22 foreign direct investment (FDI) proposals entailing an inflow of Rs. 511.5 crore which were approved by Finance Minister P. Chidambaram on the recommendations of the Foreign Investment Promotion Board (FIPB).

Central Depository Services Ltd.’s proposal to sell a five per cent stake to Croupier Prive Private Equity Ltd. for Rs. 16 crore has been approved. Finland’s UPM Kymmene proposal to set up a joint venture for trading of recycled paper was also cleared. Chennai-based Sical Infra Assets, a infrastructure company, has been permitted to sell 26 per cent stake for Rs. 106.60 crore.

Yachiyo Industry based in Japan has also been allowed to invest Rs. 30 crore for manufacturing of plastic fuel tanks for automobiles.

Bluechip Corporation Investment Ltd. has also received clearance to induct Rs 20.50 crore as FDI.

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