Small BusinessGovt okays 14 FDI proposals worth Rs 732 cr
The government today cleared 14 foreing direct investment (FDI) proposals, including a Rs 273-crore application from Asset Reconstruction Company, which could together bring in foreign investment worth Rs 732.5 crore.
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Asset Reconstruction Company is expected to get Rs 272.86 crore worth FDI resulting in foreign holding from the present 14.66 per cent to 16.01 per cent.
The government has also cleared a proposal from Standard Chartered Bank to bring in Rs 205.95 crore FDI. The bank wants to increase FDI from 74.9 per cent to 100 per cent in its arm engaged in equity broking investment banking and portfolio management.
The government has also cleared a Rs 251.75-crore proposal from television channel NDTV Lifestyle.
The FDI proposals of Unitech Wireless (Tamil Nadu), NDTV Imagine, SaharaOne and KS Oils were also cleared.
However, four proposals, including that of Telstra Communications of Mumbai was rejected by the government. The company wanted to issue fresh equity shares for increasing FDI from 49 per cent to 74 per cent.
Besides, the government has deferred 10 proposals, while proposal of India Infrastructure Development was recommended to Cabinet Committee of Economic Affairs (CCEA).
Walt Disney"s proposal to undertake additional activity of printing and publication of a speciality magazine, and the proposal from Telcordia Technologies were also deferred.
The Rs 2,400-crore FDI proposal of India Infrastructure Development Fund of Mauritius was recommended to the CCEA as any investment above Rs 600 crore has to be referred to the committee.
Two proposals including that of realty firm Unitech and Mercer Inc of New York was withdrawn by the companies.
Unitech was supposed to bring in FDI investment worth Rs 2,400 crore.