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Government clears 20 FDI proposals worth Rs1,935 crore

The government today approved 20 foreign direct investment proposals following recommendations of the Foreign Investment Promotion Board. However, decision on 23 proposals including that of Rossell Aviation and Alliance Data Pte, Singapore, was deferred and 10 were rejected

New Delhi: The government today approved 20 foreign direct investment (FDI) proposals, including that of Sterlite Grid, Equitas Micro Finance and TV Vision, envisaging total investment of Rs1,935.24 crore, reports PTI.

The proposals were cleared following recommendations of the Foreign Investment Promotion Board (FIPB).

The government cleared Sterlite Grid’s Rs1,150 crore proposal to act as an investment company. Besides, the board also cleared proposal of Equitas Micro Finance involving foreign investment of Rs230 crore.

TV Vision’s proposal to induct foreign investment worth Rs200 crore by way of issue of equity shares though an initial public offer (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Meanwhile, one proposal relating to G4S Security Services was withdrawn and another of MNP Interconnection Telecom Solutions was noted.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 seeking induction of foreign equity worth Rs13.75 crore to subscribe to equity shares of an Indian company engaged in multi-commodity exchange for derivatives markets was also cleared.

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