DANONE AMONG 23 FDI PROPOSALS CLEARED

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The government has cleared 23 foreign direct investment (FDI) proposals, which will bring Rs 564.80 crore into the country. The projects cleared include Dubai-based Damas' plan for retail trading in jewellery and France’s Groupe Danone's plans to re-enter food products after quitting Britannia earlier this year.

A proposal by Damas LLC to set up a joint venture with Gitanjali Life-styles for retail trading of jewellery will bring FDI of Rs 180 crore. Foreign direct investment up to 51% is allowed in single brand retail. Danone's plans for food products business does not have any definite FDI content as company for this purpose is yet to be incorporated.

The government, on the basis of recommendation by the Foreign In-vestment Promotion Board (FIPB), deferred 13 proposals which in-clude Vijay Mallya-owned United Breweries’ plans for raising Rs 708 crore by issuing fully convertible equity warrants.

The proposals by G4s Corporate Services Ltd and Morgan Stanley were rejected by the government, an official release said here.

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