Govt okays 20 FDI proposals worth Rs 2791.72 cr

New Delhi, Jan 4 (UNI) The government today cleared 20 FDI proposals worth Rs 2791.72 crore with the largest inflow of Rs 2,500 crore coming in Idea Cellular Ltd.

The foreign direct investment would include maintaining and operating the company's telephone services and will increase the foreign investors stakes in the company to 74 per cent from the present 47.55 per cent.

In addition, the South Korean auto parts maker Daerim Enterprise, as a result of FDI clearance, will invest Rs 60 crore for setting up a wholly-owned venture to undertake manufacture of auto parts and other related products in Tamil Nadu.

The government also allowed Barclays Capital Securities Asia Ltd to acquire 9.63 per cent in Asset Reconstruction Company of India for Rs 21 crore.

Moreover, FIIs, financial institutions and other eligible foreign investors will now be able to hold 26 per cent equity in Chennai-based Raj Television engaged in the activities of uplinking news and current affairs TV channels. The proposal entails an FDI inflow of Rs 3.37 crore in Raj TV.

Also, Mauritius-based Ankur India Special Situations Ltd will pick up 9.17 per cent stake in Asset Reconstruction Company of India for Rs 60 crore.

US-based Spartan College of Aeronautics and Technology has been given permission for establishing a Flying Training College and Aircraft Maintenance Engineers School for Rs 0.15 crore.

The proposals that have been cleared relate to the ministries of Agriculture and Cooperation, Civil Aviation, Commerce, Industrial Policy and Promotion, Information and Broadcasting, Information Technology, Shipping, Telecommunications, Urban Development and Economic Affairs.

The major investment proposals pertain to the Departments of Industrial Policy &Promotion, Information&Broadcasting, Urban Development and Economic Affairs.

UNI