Government clears 20 FDI proposals worth Rs 1,935 crore

The government on Tuesday approved 20 foreign direct investment proposals, including that of Sterlite Grid, Equitas Micro Finance and TV Vision, envisaging total investment of Rs 1,935.24 crore. The proposals were cleared following recommendations of the Foreign Investment Promotion Board (FIPB).

The government cleared Sterlite Grid's Rs 1,150 crore proposal to act as an investment company. Besides, the Board also cleared proposal of Equitas Micro Finance involving foreign investment of Rs 230 crore.

TV Vision's proposal to induct foreign investment worth Rs 200 crore by way of issue of equity shares though an IPO for "undertaking the business of broadcasting a non-news and current affairs TV channel" has also been cleared, an official release said.

However, decision on 23 proposals including that of Rossell Aviation and Alliance Data Pte, Singapore, was deferred and 10 were rejected, it said.

Meanwhile, one proposal relating to G4S Security Services was withdrawn and another of MNP Interconnection Telecom Solutions was noted.

With regard to a proposal by Omnimedia SL to undertake the business of publishing and printing of scientific journals and circulation of its digital version, which did not involve any fresh flow of money, the applicant was told to approach the Ministry of Information and Broadcasting.

The proposal of Mauritius-based Funderburk 2 Mauritius Ktd seeking induction of foreign equity worth Rs 13.75 crore to subscribe to equity shares of an Indian company engaged in multi-commodity exchange for derivatives markets also also cleared.