The Central Government has cleared 13 foreign direct investment (FDI) proposals entailing a total inflow of Rs. 393.62 crore. Of this, the proposal of Essel Group-promoted Dish TV India for amendment in the FC (foreign collaboration) approval letter accounts for the lion’s share of Rs 243.40 crore in foreign investment.
According to an official statement here on Wednesday, among the proposals approved by Finance Minister Pranab Mukherjee based on the recommendations of the Foreign Investment Promotion Board (FIPB), Sterlite Technologies received the go-ahead to issue Rs. 103.95 crore proposal to issue and allot warrants on a preferential basis involving a forex inflow worth Rs. 103.95 crore.
Likewise, Kolkata-based TM International Logistics also got the nod to bring in Rs. 40 crore in foreign funds to “issue shares against consideration other than cash.”
Among the other approvals, the proposals pertain to companies such as Sistema Shyam Teleservices, General Motors Acceptance Corp, S & S Media (India) Enterprises, Bangalore, Taneja Aerospace, Ramboll Singapore Pte Ltd., Kludirak India, InfxQ Knowledge Services, L Occitane Singapore, Strata Geosystems and Devas Multimedia.
Meanwhile, the government rejected two FDI proposals. One proposal pertains to ICICI Investment Management Company which had sought approval to make investment by a foreign fund company into an Indian fund company while the other was that of LGT Venture Philanthropy Foundation of Zurich which had proposed approval for relaxation in fulfilment of the condition of minimum capitalisation norm.
Alongside, eight proposals were deferred, including that of Sahara One Media, ByCell Telecommunication, UTV Software Communication, Supreme Infrastructure, Mumbai, Rama Cylinders, Sun Trechnics and Synergy Media. Among the proposals deferred, Eads Deutchland GmbH of Germany and Larsen & Toubro of Mumbai had sought permission for incorporating a joint venture to manufacture defence equipment (arms and armaments).