According to an official statement here on Tuesday, Damas is to set up a joint venture with Gitanjali Lifestyles for single-brand retail trading in jewellery. The 51 per cent foreign equity participation in the venture is projected to bring in Rs 180 crore as FDI. As per its plans, the proposed venture would open about 100 outlets in three years with an investment of more than Rs. 300 crore.
Danone’s proposal on investment in food and beverages, mineral water, biscuits, cereals, dairy products, baby foods and medical nutrition, however, does not indicate any FDI component in the venture as the company for the Indian operations is yet to be incorporated. The French company may either go it alone or operate through new as also its existing joint ventures in these sectors. It may be recalled that earlier this year, Danone had sold its entire stake in Britannia Industries to the Nusli Wadia group.
Among other approvals, Lazard India Mauritius has received the government’s nod to invest Rs. 125 crore in the units of Lazard India Growth Fund.
Sanlam Investment of South Africa has received permission to bring in Rs. 43.40 crore in foreign exchange for the issue of warrants and conversion of its operating company into an operating-cum-holding company to make further downstream investments while Bay-Forge has also got the go-ahead to increase its FDI participation up to 100 per cent by issuing partly paid-up equity shares worth Rs. 21.42 crore.
On FIPB’s recommendation, the government, however, deferred its decision on 13 proposals, including United Breweries, G4s Corporate Services and Morgan Stanley were rejected.
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