JM Financial realty foray gets FIPB nod

The Foreign Investment Promotion Board has given the green signal to JM Financial's proposal to invest Rs 560 crore in Indian venture capital undertakings engaged in real estate development. The investment will be routed through a Mauritius-based entity.

The JM Financial proposal was part of the 29 foreign direct investment proposals worth Rs 837.65 crore approved by Finance Minister P Chidambaram recently.

One of the proposals is for FDI worth Rs 51 crore in television news channel India TV (Independent News Service Pvt Ltd) through Mauritius-based CV Global Holdings Inc.

Merrill Lynch (Mauritius) Investment Holding's proposal to open a subsidiary engaged in the primary dealership business was also given the green signal.

The major investment proposals pertain to the ministries of food processing industries, information and broadcasting, revenue, urban development and economic affairs.

The FIPB also approved the Washington based The Hershey Company's proposal to invest Rs 51.28 crore in IL&FS Financial Centre by acquiring 51 per cent equity shareholding in the company. Deutsche Boerse AG and Singapore Exchange Ltd have also been cleared to pick up to 10 per cent in the Bombay Stock Exchange Ltd.

Citigroup Venture Capital's plan to invest Rs 100 crore in Flemingo Duty Free Shop Private Ltd and Rs 20 crore in Flemingo (DFS) Private Ltd have also been given the go-ahead.

Among the other proposals approved include the Mauritius based Monet Ltd's investment in cable television company Hathway Cable & Datacom Pvt Ltd.