India approves Goldman, IFC foreign investment plans

India has approved 12 foreign direct investment proposals worth 14.15 billion rupees, including those of a unit of Goldman Sachs and the International Finance Corp, the finance ministry said.

India has approved 12 foreign direct investment proposals worth 14.15 billion rupees ($306 million), including those of a unit of Goldman Sachs and the International Finance Corp, the finance ministry said.

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The Mauritius-based subsidiary of Goldman Sachs will invest 341.9 million rupees to set up of a bond-dealing subsidiary in India, the ministry said in a statement on Wednesday.

International Finance Corp, the private lending arm of the World Bank and United Guarantee Corp of United States, are to invest 5.7 billion rupees in a joint venture with India's National Housing Bank, it said.

The government also approved a 5.52 billion rupee foreign investment in unlisted Indian cable maker Polycab Wires, the statement added but gave no details.

In February, Europe's largest cable maker Nexans of France announced a tie up with Polycab Wires to make rubber cables in India.