| The Foreign Investment Promotion Board (FIPB), the nodal body for clearing foreign direct investment proposals, has rejected a proposal by Red Fort India Realty Fund (Trust), a registered venture capital fund for real estate investments, to bring in investments from offshore corporate entities owned by non-resident Indians. |
| The FIPB, at its meeting held on March 7, 2008, also deferred a proposal by Singtel Australia Holding to set up a joint venture company with foreign equity up to 74 per cent for offering telecom services. |
| This proposal attracts Press Note 1 of 2005 series as SingTel has a joint venture with Bharti Tele-Ventures. |
| Finance Minister P Chidambaram has approved 18 foreign direct investment proposals amounting to Rs 1,553 crore, based on the FIPB’s recommendations. |
| The Mumbai-based Essar Capital has received the nod to act as a holding company for making downstream investments in the financial sector and inducting foreign equity by way of subscription and acquisition of equity shares. |
| The approval involves foreign investment of Rs 560 crore. |
| The Kolkata-based Bharat Connect’s foreign investment proposal of Rs 250 crore to change status from operating company to operating-cum-holding company and make downstream investments in NBFC companies has also received the go-ahead from Chidambaram. |
Source: Business Standard