Kishore Biyani Led-Future Ventures’ proposal for induction of foreign equity up to 49 per cent by FIIs, NRIs, FVCIs, multilateral and bilateral development financial institutions has been rejected by the ministry of finance.
The company proposed to be engaged in making investments in equity, equity related and/or other securities in listed and un-listed companies.
According to the Press Information Bureau’s release, Finance Minister P Chidambaram has approved 13 foreign direct investment proposals recommended by Foreign Investment Promotion Board (FIPB) in its meeting held on 9th April, 2008. The approval amounts to Rs 657.01 crore. The ministry rejected only two proposals, one of Future Ventures India Ltd and of Starlight Real Estate (Orlanda) Mauritius Ltd.
The approved proposals are related to ministries/departments, namely commerce, heavy industry, industrial policy & promotion, information & broadcasting, road transport & highways and defence production. The major investment proposals pertain to the ministries/departments of heavy industry, information & broadcasting and road transport & highways.