BRIEF-S P Setia updates on proposed acquisition of stake in I&P Group Sdn
* Entered share purchase agreement with Permodalan Nasional , Amanahraya Trustees and Dato’ Mohd. Nizam Bin Zainordin for proposed I&P acquisition
NEW DELHI May 24 The Indian cabinet on Wednesday scrapped the Foreign Investment Promotion Board (FIPB), a government source said ahead of a news briefing, eliminating the panel in the latest of a series of steps aimed at attracting more foreign direct investment.
The step follows Finance Minister Arun Jaitley's budget pledge in February to abolish the institution, which was set up soon after India embarked on its first market reforms in 1991, in a departure from decades of socialist planning. (Reporting by Nigam Prusty and Manoj Kumar; Editing by Malini Menon)
* Clarifies on news item "Lenders clear Jaiprakash Associates recast plan."
* Investors Bank appoints Michael Fegan chief information and operations officer