The government has also approved five proposals of Foreign Direct Investment (FDI) amounting to Rs 1,133.41 crore. The proposals, which have been approved, include UK-based Tesco Overseas Investments and Singtel Global. The proposals have been cleared on the basis of recommendations of Foreign Investment Promotion Board (FIPB).

Tesco Overseas Investments has been given permission to acquire (through purchase and subscription) 50 percent of the equity share capital of Tata Group company Trent for multi- brand retail trading in India through a chain of stores. The Tesco plans to invest Rs 682.43 crores (USD 110 million).

The ministry further said that SingTel Global (India) Pvt Ltd has been permitted to increase foreign investment from 74 percent to 100 percent in telecom sector company.

Tikona Digital Networks has got FIPB nod to increase foreign equity up to 72.58 percent by issuing compulsorily convertible debentures (CCDs) and equity shares to the existing non-resident investors on a rights basis. The company proposes to bring in FDI worth Rs 248 crore.


Latest News  from Business News Desk