The government on Friday approved 44 foreign direct investment proposals worth Rs 741 crore (Rs 7.41 billion) including those of Swiss telecom major Bycell, CDC, Citigroup, Standard Chartered Bank, British Gas and Adidas.
Finance Minister P Chidambaram has given the go-ahead to Swiss company Bycell Holding AG for setting a wholly-owned subsidiary in India at an investment of Rs 457 crore (Rs 4.57 billion) for offering GSM-based cellular services.
The Foreign Investment Promotion Board has also approved UK-based CDC Group Plc's plan to invest Rs 74 crore (Rs 740 million) for picking up stake in an asset reconstruction company to be floated by Corporation Bank and ING Vysya Bank.
Standard Chartered Bank has also obtained the green signal for floating a ARC.
Citigroup Venture Capital of Mauritius will invest Rs 11.49 crore (Rs 1145 million).
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