RTTNews - The Indian government has cleared 23 foreign direct investment or FDI proposals that would bring Rs.564.80 crore into India, including Dubai-based Damas' plan for retail trading in jewellery and Danone's plans to re-enter food products space after quitting Britannia earlier this year.
A proposal by Damas LLC to set up a joint venture with Gitanjali Lifestyles for retail trading of jewelleries will bring in FDI of Rs.180 crore, while Danone's plans for food products business do not have any definite FDI content, as company for this purpose is yet to be incorporated.
However, the government has deferred 13 proposals that include Vijay Mallya-owned United Breweries plans for raising Rs.708 crore by issuing fully convertible equity warrants, based on recommendation of Foreign Investment Promotion Board (FIPB),
The proposals by G4s Corporate Services Ltd and Morgan Stanley were rejected by the government, an official release said.
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