Home BusinessGovt okays 13 FDI proposals worth Rs 393 cr
The government has approved 13 foreign direct investment projects, including a proposal of Dish TV, entailing total overseas investment of Rs 393.62 crore.
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"Based on the recommendations of the Foreign Investment Promotion Board (FIPB)... The government has approved 13 proposals of FDI amounting to Rs 393.62 crore," an official statement said today.
Besides other projects, the government cleared the proposal of Essel Group-promoted Dish TV India aimed at bringing in foreign inflows of Rs 243.40 crore.
Sterlite Technologies" Rs 103.95 crore proposal to issue and allot warrants on preferential basis has also been granted.
TM International Logistics of Kolkata is likely to bring in foreign funds of Rs 40 crore to issue shares against consideration other than cash.
Other approved proposals include that of Sistema Shyam Teleservices, General Motors Acceptance Corp, S & S Media (India) Enterprises of Bangalore, Taneja Aerospace, Ramboll Singapore Pte, Kludirak India, InfxQ Knowledge Services, L Occitane Singapore, Strata Geosystems and Devas Multimedia.
The government has rejected two proposals including that of ICICI Investment Management Company, which plans to make investment by a foreign fund company into an Indian fund company. The government has also rejected proposal of LGT Venture Philanthropy Foundation of Zurich, which sought approval for relaxation in fulfillment of the condition of minimum capitalization norm.
Eight proposals have been deferred, including that of Sahara One Media, ByCell Telecommunication and UTV Software Communication.
Sahara One sought approval for foreign investment by NRIs and FIIs to carry out the activities relating to entertainment media, motion pictures.
The proposal of UTV Software was to issue and allot equity shares pursuant to the scheme of arrangement approved by the Bombay High Court.
Other proposals which were deferred include that of Supreme Infrastructure of Mumbai, Rama Cylinders, Sun Trechnics, Synergy Media, Eads Deutchland GmbH of Germany and Larsen & Toubro of Mumbai.