FIPB clears 17 FDI proposals worth Rs 576 crore

New Delhi, Aug 3 (UNI) The Foreign Investment Promotion Board (FIPB) has cleared 17 FDI proposals totalling Rs 575.83 crore, which includes a Rs 202 crore proposal of MTV India Private Ltd and a Rs 88 crore proposal of CR Seats India Pvt Ltd.

The MTV proposal is for securing advertisements and for distribution of its channels on various platforms, including cable and DTH, film production, film distribution business, marketing and related services and payment of royalty at two per cent of net revenue for use of trademarks and brands. The proposal will also permit TV18 Group through BK Holdings Limited, Mauritus, to make an initial investment of about 50.5 million dollars for subscribing to equity of MTV.

The CR Seats proposal relates to bringing additional investment within the permitted percentage (100 per cent) in a company proposed to be engaged in designing, engineering, manufacturing, reconditioning and dealing of industrial bearing for the purpose of sale both in the Indian market and export outside India. The proposal attracts Press Note 1 provisions.

Another project cleared by the FIPB entails Mitsubshi Heavy Industries Ltd, Japan, for Rs 37.35 crore. It involves setting up a new joint venture company to undertake, manufacture, import, marketing, selling, distribution and servicing of diesel engines and parts and components. The proposal attracts Press Note 1 provisions.

Alpha India Pvt Ltd has been permitted to increase foreign equity in a holding company from 66.90 per cent to 100 per cent by way of acquisition of shares. The FDI inflow would be of the magnitude of Rs 6.94 crore.

UNI