| Chidambaram approves 10 FDI proposals |
| BS Reporter / New Delhi July 04, 2007 |
| Finance Minister P Chidambaram has approved 10 proposals for foreign investments including one by Morgan Stanley Mauritius Company (Morgan) to invest Rs 1,894 crore to carry out securities sales, trading and broking, merchant banking and corporate advisory services and other NBFC activities. The total proposals approved amount to Rs 2,340 crore. The proposals were earlier cleared by the Foreign Investment Promotion Board (FIPB) in it meeting held on June 22. Morgan will invest in a mix of equity and compulsorily convertible preference shares to be issued by Morgan Stanely India Securties. The proposal attracts Press Note 1. Another proposal by Chennai-based Rakindo Developers to invest Rs 407 crore through a JV to make downstream investment in construction development projects was also approved. A proposal by Japan |
