The government has cleared 20 foreign direct investment (FDI) proposals
worth Rs 1,962.05 crore, including a Rs 924-crore deal involving UTV
Software Communications. The proposals, approved by the Foreign
Investment Promotion Board (FIPB), also include a proposal from cement
manufacturer Lafarge India for merger of Lafarge India Holding Pvt Ltd
with Lafarge India Pvt Ltd.
UTV Software Communicationsâ€™ proposals would bring in Rs 923.94 crore through sale of equity in UTV Software and warrants of UTV Global. The FIPB has also approved Italybased marquee brand Giorgio Armaniâ€™s proposal to set up a JV with 51% foreign equity to undertake single brand retail trading of the Armani branded products.
The FIPB has, however, deferred its decision on eight FDI proposals, including Singapore-based Delight Investments offer to invest in a Hindilanguage newspaper group.
The board has recommended a proposal by Essar Power and Axis Pvt Equity to the Cabinet Committee on Economic Affairs.
PSA India Pte Ltd, Singaporeâ€™s proposal for induction of foreign equity up to 49% for Rs 240 crore by way of preferential allotment of compulsorily convertible preferential shares has also been approved. The FDI proposal of Mauritius-based GS Strategic Investment Ltd to induct foreign equity up to 20% in a company engaged in commodity broking was approved.
However, the FIPB has rejected proposal of Kim Eng Securities to undertake stock-broking activities as a non-fund based activity. It has also rejected Meta Telecomâ€™s proposal to increase foreign equity from 40% to 73.45% in a company engaged in international long distance services.
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