Special Correspondent

NEW DELHI: The Union Government on Thursday gave the green signal to a $500 million FDI proposal of New Kolkata International Development Private Ltd. (NKID), a joint venture of the Indonesia-based Salim group, NRI Prasoon Mukherjee and Unitech. The joint venture plans to develop infrastructure projects, including SEZs, in West Bengal.

"The Cabinet Committee on Economic Affairs (CCEA) has approved the broad proposal since it involved FDI inflows exceeding Rs. 600 crore. The exact nature of investment will depend on the agreement between the investors and the Sate Government,'' Finance Minister P. Chidambaram told reporters here. While the Salim group and the Delhi-based Unitech will have a 40 per cent stake each in NKID, USC will hold the balance.

Sun Direct TV

The CCEA also decided to allow Sun TV's Sun Direct TV Private Ltd. to issue equity shares, amounting to 20 per cent of its total issued, subscribed and paid up capital, to the Mauritius-based South Asia Entertainment Holdings Limited. The latter company is a wholly owned subsidiary of Astro Overseas Limited, which itself is a wholly owned subsidiary of Astro All Asia Networks Plc, incorporated in England and Wales and is registered as a foreign company in Mauritius.