FIPB clears 13 proposals for Rs 477 crore

New Delhi, Apr 9 (UNI) The government has approved 13 FDI proposals totalling Rs 476.7 crore, including induction of foreign equity of Rs 34.45 crore by Times Global Broadcasting Company by way of subscription of non-convertible redeemable cumulative preference shares by existing collaborator Reuters, Singapore.

The company is engaged in the business of up-linking and broadcasting news and current affairs television channels from India and to undertake related activities such as distribution of television channels and sale of advertisement time.

The FDI approvals were cleared by Finance Minister P Chidambaram and were recommended by the Foreign Investment Promotion Board (FIPB) at its meeting held on March 29, 2007.

The proposals relate to Ministeries and Departments of Commerce, Information and Broadcasting, Information Technology, Telecommunications and Economic Affairs. The major investment proposals pertain to the Ministeries of Commerce and I&B, and the Department of Economic Affairs.

A proposal pertains to M/S Quinn Logistics Sweden, Sweden, for setting up a holding company and making downstream investment in companies engaged in FDI compliant construction development activities. The amount involved is Rs 225 crore.

M/S Strategic (Mauritus) Ltd, Mauritius, has been permitted to induct additional foreign equity of 3 per cent totalling Rs 1.35 crore by way of acquistion of shares of National Stock Exchange from IDBI, SBI ad SBI Capital markets Ltd.

Similarly, M/S Actis Investment Holding No 47, Mauritus, will induct additional foreign equity of 0.80 per cent by way of acqusition of shares of NSE from SBI and SBI Capital Markets Ltd.

M/s Citigroup Strategic Holdings Mauritius Ltd, Muaritus, has been permitted to induct additional foreign equity of 2 per cent by way of acquisition of shares of NSE from Union Bank of India, Bank of Baroda, Canara Bank, Oriental Bank of Commerce and Corporation Bank.

The amount involved is 0.90 crore.

UNI