By IANS
New Delhi : A proposal from global consultancy Morgan Stanley to invest $465 million was among the 10 applications for foreign direct investment (FDI) approved by Finance Minister P. Chidambaram, an official release said Monday.
The 10 proposals involve a net inflow of $570 million.
Morgan Stanley, through a subsidiary in Mauritius, proposes to invest the money in the area of securities sale, trading and broking, merchant banking, corporate advisory services and other non-banking financial activities.
Another major proposal is from Rakindo Developers worth Rs.4.07 billion (little under $100 million) for a holding company in Chennai, which will invest in downstream construction and realty development projects.
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