NEW DELHI, March 14 (Reuters) - India on Friday approved 18
foreign direct investment proposals worth 15.53 billion rupees
($384 million), including by Essar group, Japan’s Teikoku
Piston Ring Co (6463.T: Quote, Profile, Research) and French insurer Societe Beaujon.
The finance ministry said in a statement India’s Essar
group plans to set up a holding company with foreign equity at
a cost of 5.6 billion rupees and invest in India’s booming
financial sector.
Teikoku plans to set up a wholly owned venture in India
with an initial investment of 400 million rupees to make auto
parts.
Paris-based Societe Beaujon plans a 1.91 billion rupees
investment in an insurance company in India, the ministry
said.
($1=40.4 rupees)
(Reporting by Rajkumar Ray)
