Govt clears 9 FDI proposals worth Rs 1,140 crore

Govt clears 9 FDI proposals worth Rs 1,140 crore New Delhi: The government on Wednesday said it has cleared nine FDI proposals, including that of Multi Screen Media and Wire and Wireless, totalling over Rs 1,140 crore.

Besides, the Foreign Investment Promotion Board (FIPB) deferred decision on 11 FDI applications including that of Norway-based Telenor Mobile Communications AS and Coca-Cola's bottling arm.

"Based on the recommendations of FIPB in its meeting held on January 21, 2013, government has approved 9 proposals of foreign direct investment (FDI) amounting to Rs 1140.14 crore approximately," Finance Ministry said in a statement.

Multi Screen Media received approval for induction of foreign equity for production of television programmes in Indian languages primarily for export, sale and distribution and downlink certain TV channels. The company proposes to bring in FDI worth Rs 545.

Wire and Wireless (I) Ltd got permission to issue warrants for carrying out Cable Network Business. The plan, if operationalised, will bring in FDI worth Rs 324 crore.

Also, Mahindra Insurance Brokers and Mahindra & Mahindra Financial Services have been permitted to induct foreign equity for Insurance Broking business.

The release further said that Lagardere Services Singapore Pte Ltd too has been permitted to set up an investing holding joint venture company.

M and C Rakindo Hospitality and Security and Intelligence Services (India) Pvt Ltd, Bihar, are among the other FDI proposals that have been cleared.

The FIPB deferred decision on request of Telenor Mobile Communications to set up a joint venture company in telecom sector.

Decision on application of Mumbai-based Maharashtra Transmission Communication Infrastructure for post facto approval for issuance of FDI compliant instruments to an Indian company and other foreign investors to undertake telecom services.

Hindustan Coca-Cola Holdings is seeking FIPB's nod to extend the tenor of the investments made downstream by way of redeemable preference shares and approval for FDI inducted in the holding company during 2010-2011.

It further said that the Board rejected the proposal of Mumbai-based Yorkshire India. It had sought nod for induction of foreign equity for business of importing, exporting, buying, selling and distribution of Chemicals, biotech and allied industrial products on B2B basis.

Also, application of Equitas Holdings to increase in FDI percentage in a investing company by way of transfer of shares has been rejected.

PTI