The foreign investors would be able to purchase 6% equity in National Stock Exchange now. The Foreign Investment Promotion Board (FIPB) has recommended the government to open the NSE for foreign investors.

According to the recommendations, finance minister P Chidambaram has finally approved the three proposals that are coming from Mauritius-based companies such as MS Strategic (Mauritius), Actis Investment Holdings and Citigroup Strategic Holdings.

The companies have proposed to pick up 6% equity in NSE from IDBI, State Bank of India, SBI Capital Markets, Bank of Baroda, Canara Bank, Oriental Bank of Commerce and Corporation Bank.

According to the report, the finance ministry has also given fresh approval for more than ten other foreign investment proposals. With these proposals, the total foreign direct investment (FDI) inflow would touch Rs 477 crore mark in the country.

The finance ministry spokesman said in a written statement that the Union government has given approval for fresh investment of Rs 225 crore from Sweden-based Quinn Logistics in construction sector.

Some other investment proposals have also got government’s approval such as Verizon Communications in national long distance telecom service and to provide ISP services with gateways in the country.

Further, in the media sector, the Times Global Broadcasting has been given approval to invest Rs 34.35 crore in India.

US-based Vonage Holdings Corporations would increase its equity from 49% to 100% with increasing its acquisition of shares from resident shareholder of a company engaged in Internet service. The company would be involved in Internet voice telephony and other ISP services without international gateway.

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