Centre clears 28 FDI plans

New Delhi: Global retail major Marks & Spencer’s proposal for 51 per cent foreign direct investment in single brand retail business was among 28 FDI proposals worth Rs 1,328 crore, cleared by the Government.

“Based on the recommendations of the Foreign Investment Promotion Board (FIPB) in its meeting held on June 24, the Finance Minister, Mr P. Chidambaram, has approved 28 FDI proposals,” an official statement said here.

The approved proposals relate to chemicals & petrochemicals, industrial policy & promotion, information & broadcasting, urban development, tourism and economic affairs, amongst others.

A proposal of Giordano Fashions (India) to establish a chain of single brand retail stores, and another by Pearle Europe BV involving induction of 50 per cent FDI for single brand retail trading also received the Government’s green signal. Parryware Roca’s Rs 741-crore proposal has also got approval for increasing foreign equity from 50 per cent to 100 per cent in the sanitary ware venture, while the Government nod was also granted to Multiscreen Media’s FDI proposal (about Rs 158 crore).

FIPB also approved real estate major Eldeco’s Rs 195.7 crore proposal for induction of foreign equity and change in status from operating company into operating-cum-holding company.