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