By IANS
New Delhi : Noted fashion house Christan Dior Couture's proposal to inject foreign equity of up to 51 percent in a single brand retail trade company has secured the Indian government's nod, an official statement said Thursday.
Finance Minister P. Chidambaram gave his approval to the fashion house to inject equity worth Rs.11 million (around $270,000), along with 22 other proposals based on the recommendations of the Foreign Investment Promotion Board (FIPB).
The approvals given by the finance minister will result in foreign equity inflow worth Rs.4.18 billion (around $100 million) in areas including agriculture, food processing, energy and broadcasting, the statement added.
Among the proposals approved include that of TV-18 HSN Holdings of Cyprus to set up a 100 percent subsidiary to uplink and broadcast a general entertainment and infomercial television channel.
A proposal from the Bombay Stock Exchange (BSE) to induct foreign equity from four overseas investors and another from AL Khaleej Sugar of Dubai to set up a trading subsidiary to re-export imported raw sugar have also been approved.