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| Govt clears 24 FDI proposals of Rs 1,412 cr |
| Press Trust of India / New Delhi May 19, 2010, 21:17 IST |
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The government has cleared 24 Foreign Direct Investment (FDI) proposals worth Rs 1,412.19 crore, including a project of Asianet Communications.
Trivandrum-based Asianet Communications has been permitted to raise FDI of Rs 425 crore to undertake business of broadcasting non-news and current affairs television programmes, an official release said today.
Besides, Star India Holding BV's Rs 324-crore proposals were also approved. The company is to acquire 49 per cent stake in TS Investment, who in turn will acquire share of Tata Sky.
The Rs 240-crore proposal of Bhilwara Energy, Rs 125-crore FDI of Jyoti Structure and Rs 113-crore investment proposal of AIP Power were also approved by the FIPB.
The government has also given green signal to the proposals of US-based Elliot Company, Morgan Stanley Mauritius Company and NEO Sports Broadcast, among others.
The government, however, rejected four FDI proposals, including that of Jaipur IPL Cricket (JIPL), owners of IPL team Rajasthan Royals.
The JIPL proposal was to "induct 100 per cent foreign equity by way of issue of shares for consideration other than cash". It had approached the government for the second time for reconsidering its proposal after it was rejected last October.
The proposals of Telelogic ICT Services, Bangalore, Coreobjects Software of the US and Gremach Infrastructure Equipment and Projects, Mumbai, were also rejected.
The government has also deferred 16 FDI proposals, including that of US-based Telcordia Technologies and Essar Capital Holding of Mumbai.
The proposals of several media companies including Hindustan Media Ventures of Patna, Mid Day Multimedia, INX Media, S Tel and Telestra were deferred.
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