FIPB clears 12 FDI proposals for Rs 212 crores
New Delhi, Nov 2 (UNI) Finance Minister P Chidambaram has cleared 12 FDI proposals totalling Rs 211.663 crores referred by the Foreign Investment Promotion Board (FIPB), including induction of Rs 18.02 crores by the New Delhi based M/s Mail Today Newspapers.
The proposal entails induction of foreign equity upto 26 per cent in joint venture with 'Living Media Group' in the field of printing and publishing dialy newspapers in the English Language.
The proposals approved include induction of FDI of Rs 159.92 crore by M/s Milennium India Acquisition Company, United States.
The project involves induction of foreign equity in two NBFC companies having subsidaries engaged in securites market as stock brokers. distribution of mutal fund units, commodity trading, insurance broking and merchant banking.
M/s Daesung Electric Company Ltd, Korea, has been permitted FDI amounting to Rs 8.40 crore. The proposal involves setting up a new Wholly-owend subsidary with a foreign equity of 100 per cent to undertake design manufacture, market, distribution and selling of electrical and electronic automotive system components, including switches, micro switches and relays for different platforms of vehicle manufacterers. The proposal attracts Press Note 1 of 2005.
M/s LFP DSE, Mauritus, has been permitted FDI induction of Rs 10.61 crore. The five per cent money is to be used in a company engaged in stock exchnage business.
The
proposals
cleared
include
one
by
M/s
Forever
New
Apparels
Private
Ltd
involving
FDI
of
Rs
5.10
crores.
The
induction
is
for
foreign
equity
by
an
Australian
company
upto
51
per
cent
in
a
company
engaged
in
retail
trade
of
single
brand
'Forever
New.'
UNI