Rs 2,245-cr FDI proposals approved

The government today approved 18 foreign direct investment (FDI) proposals worth Rs 2,245.32 crore, with the major inflow being accounted for by Transcend Infrastructure (TIL) for setting up communication and broadcasting towers business.

TIL proposal entails FDI inflow of Rs 1,932 crore, a finance ministry statement said. The company planned to build, acquire and lease towers for the communications and broadcasting sectors, it added.

Meanwhile, the government rejected 10 proposals, including those of Mahindra & Mahindra, INX Media, Telcordia Technologies and Siemens. Besides, 21 other proposals involving companies like Wipro, Zee Entertainment, Jagran Media Network, Essar Capital Holdings (India), UTStarcom India Telecom and Verizon Communications India were deferred.

The other proposals cleared include Frigorifico Allana for setting up a joint venture, involving FDI of Rs 125 crore. The proposal of GETIT Infoservices, involving FDI of Rs 96 crore, has also been cleared. The company planned to increase foreign equity and undertake “additional activity relating to publishing”, the statement said.