Global retail major Marks & Spencer's proposal for 51 per cent foreign direct investment in single brand retail business is among the 28 proposals totalling Rs 1,327.7 crore that have been approved by the government.
"Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on June 24, Finance Minister P Chidambaram has approved 28 proposals of FDI, said a Finance Ministry statement.
The approved proposals relate to Ministries and Departments of Chemicals & Petro-chemicals, Industrial Policy & Promotion, Information & Broadcasting, Urban Development, Tourism and Economic Affairs.
Two other retail proposals which got approval are -- Pearle Europe for induction of 50 per cent FDI for single brand retail trading and Giordano Fashions to establish a chain of single brand retail stores.
The retail proposals have been cleared subject to the condition of Press Note 3, 2006 under which no single foreign institutional investor can directly or indirectly hold more than 10 per cent equity in the venture.
Parryware Roca's Rs 741.48 crore FDI proposal also got approval for increasing foreign equity from 50 per cent to 100 per cent in the sanitaryware venture apart from Multiscreen Media's FDI proposal for Rs 158.3 crore.
Real estate major Eldeco's Rs 195.7 crore proposals for induction of foreign equity and change in status from operating company into operating cum holding company was also approved.
In the atomic power sector, Hungary's Global Energy Mining and Minerals has been permitted to induct FDI up to 74 per cent amounting about Rs 24 crore in a titanium mining and separation venture.
