Govt clears 10 FDI proposals worth Rs 1,675 crore

The inter-governmental panel cleared the proposal of Singapore-based Nickelodeon Asia Holdings resulting in an investment of Rs 940.50 crore

Government has cleared 10 foreign direct investment (FDI) proposals entailing capital inflows of Rs 1,675.15 crore into the country.

"Based on the recommendations of Foreign Investment Promotion Board (FIPB) meeting of June 15, the government has approved 10 proposals of FDI amounting to Rs 1,675.15 crore," a Finance Ministry statement said.

The inter-governmental panel, chaired by Finance Secretary, cleared the proposal of Singapore-based Nickelodeon Asia Holdings resulting in an investment of Rs 940.50 crore.

Nickelodeon Asia Holdings Pte Ltd (Nick Asia) had proposed to acquire 50 per cent equity interest in Prism TV.

Besides, the government also cleared Rs 620 crore FDI proposal of NTT Communications India Pvt Ltd for downstream investment in an Indian company yet to be incorporated for carrying out the telecom services.

Two proposals from the pharma sector also got nod. Sudeep Pharma's proposal would bring Rs 60 crore FDI, while Sparsha Pharma International's would result in investment of Rs 36.61 lakh.

A proposal of Ajeet Pratap Singh of Indore was also cleared for setting up of Limited Liability Partnership (LLP) with FDI of 70 per cent. This would result in investment flow of Rs 3.5 lakh.

The FIPB has, however, deferred 12 proposals including that of Hathway Cable and Datacom Limited, DEN Networks Limited, Reliance Globalcom Ltd of Bermuda and Sistema Shyam TelServices Ltd.

Further, the Board rejected two proposals -- INX Music, Mumbai and MI Cement India of Guwahati.

FDI proposals under approval route are cleared by the FIPB. However, those proposals involving investment of more than Rs 3,000 crore are given final clearance by the Cabinet Committee on Economic Affairs (CCEA).