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.
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