FIPB GIVES NOD TO 16 FDI PLANS

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The foreign investment promotion board (FIPB) has approved 16 foreign direct investment proposals, including that of Russian telecom firm Sistema and Italian fashion retailer Dolce & Gobbana, entailing a total inflow of Rs 647.48 crore.

Sistema Corp has received approval to raise its stake to 74% in Shyam Telelink at an estimated investment of Rs 187 crore, an official statement issued by FIPB said.

A proposal from Italy-based Dolce & Gabbana and India’s realty major DLF for setting up a joint venture in single brand retailing of lifestyle products was also cleared. D&G will hold 51% stake in JV, which will sell fashion and lifestyle products under the brand name Dolce & Gabbana and DG Dolce & Gabbana.

Sistema, which is listed on the London Stock Exchange and controls Russia’s largest mobile operator, plans to acquire 51% in Shyam Telelink. The Board also approved German firm Continental AG’s Rs 55 crore proposal to set up a new joint venture company to manufacture hydraulic brake systems for passenger cars and light-trucks.

The proposal of HIPE Transport Ventures to induct Rs 88 crore FDI in a holding company engaged in infrastructure business like development of ports, transportation and logistics was also approved by the Board.

Aaavishkaar India Micro Venture Capital Fund (VCF) received FIPB approval to induct Rs 100 crore foreign equity in Sebi-registered VCF against issue of units for making investments in micro, small and medium enterprises.

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