FIPB defers decision on eight other proposals
The Central Government, on Tuesday, approved 16 foreign direct investment (FDI) proposals envisaging a total capital inflow worth nearly Rs.1,646.88 crore in foreign exchange. Of this, a major share of about Rs.962 crore is accounted for by Vijay Television’s proposal for acquisition by foreign promoters.
According to an official statement here, the proposal of Vijay Television Pvt. Ltd. pertains to the existing domestic shareholding in the non-news channel being acquired by foreign promoters entailing an FDI inflow of Rs.961.74 crore.
Among other major approvals, based on the recommendations of the Foreign Investment Promotion Board (FIPB) headed by DEA (Department of Economic Affairs) Secretary Arvind Mayaram in its meeting on May 10, the government cleared Korea Western Power Co.’s proposal to bring in Rs.270 crore for investment in an Indian investing company.
Also receiving the government’s nod was Bangalore-based BTI Payments Pvt. Limited to set up ‘White Label ATMs’ as an additional activity, with additional FDI to be brought in from its parent company to the tune of Rs.108.50 crore.
Likewise, Darjeeling Organic Tea Estates Pvt. Limited has been permitted to increase foreign equity participation from 49 per cent to 60.50 per cent from existing and four new foreign investors to carry out the business of production, distribution and export of tea. The transaction envisages an inflow of Rs.105 crore in foreign exchange.
While the FIPB, according to the statement, kept the proposal of Punj Lloyd in abeyance on grounds of security clearance, it also deferred decision on eight other proposals. The deferred proposals include applications by Sterlite Networks Ltd. to reduce the quantum of FDI and that of IL&FS Securities Services for merger of an Indian company with another company.
Besides, the Board did not take a view on proposals by U.S.-based Jawahar Palaniappan and Kolkata-based Akzo Nobel as they were not within its purview.