Govt approves 20 FDI proposals worth Rs 1,962.05 cr

Written by:
Subscribe to Oneindia News

New Delhi, Apr 8 (UNI) The government today said it has approved 20 foreign direct investment (FDI) worth Rs 1,962.05 crore, including UTV Software Communications Ltd proposal to raise Rs 923.94 crore and Mauritius-based GS Strategic Investments Ltd's plan of Rs 300 crore investment in a company engaged in commodity broking and other activities.

The FDI proposals, recommended by Foreign Investment Promotion Board (FIPB) in its meeting held on March 28 this year are related to the Ministries namely Commerce, Heavy Industry, Industrial Policy and Promotion, Information and Broadcasting, Telecommunications and Economic Affairs, an official statement said.

The major investment proposals pertain to the Information and Broadcasting Telecommunications and Economic Affairs, it added.

Finance Minister P Chidambaram also cleared Singapore-based PSA India Pte Ltd's proposal to invest Rs 240 crore for 49 per cent stake in a company and Hathway Cable and Datacom Pvt Ltd's plan of induction of foreign equity in a company engaged in Cable TV services for Rs 217.25 crore.

He also cleared the Japan-based Tokai Rubber Industries Ltd's proposal to set up a unit to sell anti-vibration products, with an investment of Rs 1.50 crore.

Eight proposals were deferred, while one proposal was rejected.

Two proposals -- Essar Power Ltd and AXIS Private Equity -- were recommended for the Cabinet consideration, as the investment in the two proposals is more than Rs 600 crore each.


Please Wait while comments are loading...