Home BusinessGovernment approves Rs 393-cr FDI proposals
The government has approved 13 foreign direct investment (FDI) projects, including a proposal of Dish TV, entailing total overseas investment of Rs 393.62 crore.
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“Based on the recommendations of the Foreign Investment Promotion Board (FIPB)... (the) government has approved 13 FDI proposals amounting to Rs 393.62 crore,” an official statement said today.
Besides other projects, the government cleared the proposal of Essel Group-promoted Dish TV India, aimed at bringing in foreign inflows of Rs 243.40 crore.
Sterlite Technologies’ Rs 103.95-crore proposal to issue and allot warrants on a preferential basis has also been granted.
TM International Logistics of Kolkata is likely to bring in foreign funds of Rs 40 crore to issue shares against consideration other than cash.
Other approved proposals are those of Sistema Shyam TeleServices, General Motors Acceptance Corp, S&S Media (India) Enterprises of Bangalore, Taneja Aerospace, Ramboll Singapore Pte, Kludirak India, InfxQ Knowledge Services, L Occitane Singapore, Strata Geosystems and Devas Multimedia.
The government has rejected two proposals, including that of ICICI Investment Management Company. which plans to make investment by a foreign fund company into an Indian fund company.