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Our Bureau

New Delhi , June 20

THE Government on Monday permitted Infrastructure Development Finance Company Ltd (IDFC) to issue fresh shares and transfer to eligible NRIs, including foreign institutional investors (FIIs), venture funds, multilateral and bilateral financial institutions to raise foreign direct investment (FDI) worth Rs 403 crore.

A total of 21 FDI proposals were cleared by the Union Finance Minister, Mr P. Chidambaram, involving FDI worth Rs 484.04 crore.

US-based Solac LLC has also received the green signal from the Minister to set up a wholly owned subsidiary for the manufacture, export and import of soya proteins and specialty soya nutrition ingredients involving FDI worth Rs 25 crore.

Belgium-based Corsendonk has also been allowed to set up a wholly owned subsidiary to undertake cash and carry wholesale trading involving FDI of Rs 22.50 crore.

Netherlands-based Zeneca Lambada too has been allowed to raise its stake in ITC Zeneca Ltd to 100 per cent from the present 50 per cent and make it a wholly owned subsidiary.

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