FIPB to take a call on Tesco, HDFC Bank & Vodafone proposals today

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FIPB to take a call on Tesco, HDFC Bank & Vodafone proposals today
The Foreign Investment Promotion Board (FIPB) will take a call on Tesco's proposal to enter India's multi-brand retail segment and HDFC Bank's request for raising foreign investment holding limit, among others, reported PTI.

UK-based Tesco Plc's proposes to enter the Indian multi-brand retail segment with an initial investment of USD 110 million. If approved, Tesco will pick up a 50 per cent stake in Trent Hypermarket Ltd, a wholly owned subsidiary of Trent Ltd, a Tata group company.

Tesco is the first global retailer to apply for multi-brand retailing after the government allowed 51 per cent FDI in the segment in September last year.

HDFC Bank is seeking FIPB's nod for raising foreign investment holding limit beyond the existing 49 per cent in the bank. The foreign shareholding in the Bank (as on December 13, 2013) was 52.18 per cent of its paid-up capital, said the media report.

The FIPB, headed by Economic Affairs Secretary Arvind Mayaram, is also scheduled to take final call on Vodafone's Rs 10,141 crore FDI proposal to buy out minority shareholders in its Indian arm. In all there are 12 items on the agenda of the FIPB for Monday.

Dion Global Solutions Ltd.

Story first published: Monday, December 30, 2013, 9:13 [IST]
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