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INDIA BUSINESS WORLD - 16th March - TO - 31st March - 2009
GOVERNMENT CLEARS 26 FDI PROPOSALS WORTH 1, 042 CR
THE government has approved 26 foreign direct investment proposals that will bring in Rs 1,042.91 crore into the country. NEO Sports Broadcasting’s plan to invest Rs 258.53 crore is among the proposals approved on the recommendation of FIPB.
Neo Sports Broadcasting’s FDI will be in uplinking and broadcasting “nonnews and current affairs” television channels. The company will issue fresh equity or equity-linked instruments to bring in the foreign fund as per a proposal cleared by the government.
A proposal from NSK Holdings to pump in Rs 214.49 crore to make downstream investment has been cleared, while Samvardhana Motherson Finance’s plan to invest Rs 208.53 crore to increase equity participation also got approval. John Deere Construction will bring in Rs 84 crore to set up a joint venture to carry out the manufacturing, marketing and distribution activities.
However, the government has rejected three proposals, including that of Bank of Nova Scotia of Canada, which was to undertake wholesale trading and hedging in precious metals. It also rejected a proposal by MD Group Canada, which wanted to invest in the hospitality sector. The government has also deferred nine proposals, including that of HP India Holdings Mauritius, for setting up a joint venture in the hotel industry across India.
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