17 FDI Proposals Cleared

Finance Minister has given clearance to 17 foreign direct investment (FDI) proposals worth Rs 2.85 billion, based on the recommendations of the Foreign Investment Promotion Board (FIPB). Chidambaram cleared a plan by France-based Sogeparticipations for setting up a wholly-owned subsidiary (WOS) to undertake portfolio management services and investment advisory services.Meanwhile, to rationalise the treatment of indirect foreign equity ownership in JVs the DIPP has suggested a significant relaxation in the definition of indirect foreign shareholding.