19 FDI proposals cleared

Special Correspondent

NEW DELHI: The Union Government on Monday approved the proposal of Global Broadcast News Limited (GBN), a part of the media group Network 18, to bring in about Rs. 500 crore as foreign direct investment (FDI), including investment by foreign institutional investors (FIIs), by way of induction of foreign equity up to 26 per cent.

In the agriculture sector, Middlesbrough Oils UK Limited has received permission to set up a wholly-owned subsidiary to undertake extraction of crude jatropha oil from jatropha seeds. The venture entails an FDI inflow of about Rs. 200 crore.

These two major ventures accounted for about Rs. 700 crore as investment are among the 19 proposals worth a total FDI of Rs. 726.88 crore which Finance Minister P. Chidambaram approved on the recommendation of the Foreign Investment Promotion Board (FIPB).

Among other clearances, ORG Informatics Ltd. has been given post-facto approval for issue of shares, partly by way of cash and partly by way of share swap. The transaction involves an FDI inflow of Rs. 16.17 crore. The proposal of Cyprus-based Dunbay to acquire an additional five per cent stake in the Delhi Stock Exchange (DSE) for Rs. 10.61 crore has also been cleared.

Another approval pertains to the Netherlands-based Publicis Groupe Holding BV which has received the go-ahead to acquire 100 per cent shares of an Indian company engaged in the business of public relations and advertising. The deal involves an FDI inflow of Rs. 10 lakh.

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