31 FDI proposals cleared

The government today cleared 31 Foreign Direct Investment (FDI) proposals amounting to Rs 1,277 crore, including one from Dow Jones & Company Inc. to publish facsimile editions in India.

Four FDI proposals including one from Meta Telecom Pvt. Ltd, which sought to increase foreign equity from 40 per cent to 73.45 per cent in ILD and NLD services, were rejected.

Also the acquisition of 26 per cent stake in Tata Teleservices Ltd by Japan-based mobile operator, DoCoMo Inc., for Rs 13,070 crore ($2.7 billion) has been referred to the Cabinet Committee on Economic Affairs (CCEA), as the proposals involved investment in excess of Rs 600 crore.

Among the ones cleared, Hyderabad-based Ramky Enviro Engineers Ltd is the biggest with foreign investment of Rs 320 crore. CMS Computers Ltd (Rs 190 crore), Morgan Stanley Financial Services Pvt. Ltd (Rs 100 crore) and Keystone Realtors Pvt. Ltd (Rs 300 crore) are the other three large proposals cleared.