RCL's Rs 5,400cr FDI proposal gets nod

Finance Minister P Chidambaram has approved Reliance Communications Ltd's proposal for issue of American Depositary Receipts worth Rs 5400 crore.

The proposal, along with some others, was approved by the Foreign Investment Promotion Board (FIPB) at its meeting on January 12. A total of 23 foreign direct investment proposals amounting to Rs 5,910.66 crore have been approved.

Singapore based Lehman Brothers and Mauritius based LB India Holdings Cayman II Ltd jointly got the approval to invest Rs 225 crore in Lehman Brothers Securities Private Ltd to set up a holding company for undertaking primary dealer activities in the government securities market. 
 

GREEN SIGNAL
Company	FDI amount (in Rs cr)
Lehman Brothers and LB India Holdings Cayman II Ltd	225
Velcan Energy	200
Horse-Shoe Capital	45

Paris based Velcan Energy's proposal to convert its operating company in India into a holding company through fresh foreign investment of Rs 200 cr was also approved.

A proposal from Mauritius-based Horse-Shoe Capital to invest Rs 45 crore in the telecom infrastructure provider e-Citi Infotech Developers Private Ltd was also approved.

Among other proposals that got approval include Bloomingdale International's investment in Bangalore based Bloomingdale Hotels Private Limited and Car-gil Mauritius Ltd's investment in Cargil India Pvt Ltd.