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Govt nods 20 FDI plans worth Rs 1,962 cr

April 08, 2008 16:52 IST
The government has cleared 20 foreign direct investment proposals that will bring in Rs 1,962.05 crore (Rs 19.62 billion), including Rs 924 crore (Rs 9.24 billion) by UTV Software Communications.

The proposals, approved by Finance Minister P Chidambaram on the recommendation of Foreign Investment Promotion Board, also included the offer from cement manufacturer Lafarge India for merger of Lafarge India Holding Pvt Ltd with Lafarge India Pvt Ltd, according to the finance ministry.

The Lafarge's proposal was cleared as per the order of Bombay high court, a finance ministry statement said.

UTV Software Communications' proposals would bring in Rs 923.94 crore (Rs 9.23 billion) through equity purchase in UTV Software and equity shares and warrants in UTV Global.

The FIPB has, however, deferred its decision on eight FDI proposals, including that of Singapore-based Delight Investments offer to invest in a Hindi-language
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The board has recommended a proposal by Essar Power and Axis Pvt Equity to the Cabinet Committee on Economic Affairs.

PSA India Pte Ltd, Singapore's proposal for induction of foreign equity up to 49 per cent for Rs 240 crore (Rs 2.4 billion) by way of preferential allotment of compulsorily convertible preferential shares has also been approved.

Chidambaram also approved Rs 300 crore (Rs 3 billion) FDI proposal of Mauritius-based GS Strategic Investment Ltd to induct foreign equity up to 20 per cent in a company engaged in commodity broking, besides other activities.

However, the proposal of Kim Eng Securities to undertake stock-broking activities as a non-fund based activity was rejected apart from Meta Telecom to increase foreign equity from 40 per cent to 73.45 per cent in a company engaged in international long distance services.
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