FIPB to take up 38 foreign investment proposals on Friday

Finance ministry will consider proposals of Reliance Broadcast Network and ABG Shipyard and 36 others for foreign investment on December 31.

The Foreign Investment Promotion Board (FIPB), which is headed by Finance Secretary Ashok Chawla, approves those foreign direct investment proposals that are not permitted under the automatic route.

According to sources, the Board at its meeting on Friday will consider a proposal of Reliance Broadcast Network, the Anil Ambani Group company, that is engaged in FM radio broadcasting.

The proposal, decision on which was deferred in the last two meetings, is to get foreign investment through portfolio investments or private placement of equity.

ABG Shipyard's proposals for entry into defence contracts will also come up for discussion. The Board had deferred a decision in its last meeting held on December 3.

Besides, other prominent proposals that are scheduled to be taken up, include B4U Television Network (India), Essar Capital Holdings and Wireless Broadband Business Services.

B4U Television Network seeks the government's nod for induction of foreign equity by an erstwhile overseas corporate body (OCB) to carry out the business of up-linking a non-news and current affairs TV channel.

While Essar Capital Holdings wants FIPB approval for acquisition of equity shares by way of subscription to new equity shares and purchase of existing equity shares in an investing company engaged in the telecom sector.

Some of the other applications , include, Hindalco Industries, Jubilant Aeronautics and Tata Steel Limited.

FIPB, in its last meeting, had approved eight foreign investment proposals worth Rs 883.16 crore.