GOVT CLEARS 21 FDI PLANS WORTH RS 85 CR, REJECTS 7

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The government has cleared 21 FDI proposals worth Rs 84.90 crore, most of which is likely to be brought in by the world's largest chemical company BASF through an open offer. The government, on the recommendation of the Foreign Investment Promotion Board, however, deferred 14 proposals including that of Vijay Mallya-run United Breweries to raise Rs 708 crore through issuing convertible warrants. A proposal by venture fund India Rizing Fund to reconsider its application to set up a fund for the Indian defence sector in the light of new norms for FDI calculation was also deferred. As many as seven proposals, including those of three telecom majors Bharti Telemedia, Tata Teleservices and NTT Docomo, were rejected by the government.

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