The Ushodaya disinvestments saga

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Nimesh Kampani invests 1200 crores in Ushodaya Enterprises. Finance Minister okays smaller Blackstone investment Rs.600 crore (about US$150 million). Finance Minister, P Chidambaram finally signed off on the downsized 600 crore (US$150 million) long over due Blackstone- Ushodaya deal on 14 February 2008, with a provision that the money will not be used by Ushodaya to pay back Margadasi Financiers as reported by the mint. The Foreign Investment Promotion Board (FIPB)  approved the Blackstone Group’s downward revised foreign direct investment proposal on 15 January 2008 which has since been waiting for approval from the Finance Minister. ...cont´d

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