statesman news service
KOLKATA, 18 JUNE: The government today cleared 16 foreign direct investment proposals amounting to around Rs 1,647 crore, following FIPB recommendations.
"Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on 10 May 2013, the Central government has approved 16 proposals of Foreign Direct Investment amounting to Rs 1,646.87 crore approximately," an official statement said.
Largest proposal was from Vijay Television Private Limited, seeking infusion of Rs 961.74 crore FDI. "The existing domestic shareholding in the non-news channel business is being acquired by the foreign promoters," according to the statement.
The application of Korea Western Power Co. Ltd of Korea to invest Rs 270 crore in an Indian investing company was also okayed by the government. The name of the Indian firm, however, was not provided in the statement.
Other major proposals included those from BTI Payments Private Limited of Bangalore for infusion of Rs 108.50 crore to set up White Label ATM and from Darjeeling Organic Tea Estates Pvt Ltd for infusion of Rs 105 crore to increase foreign equity participation from 49 per cent to 60.50 per cent from existing and four new foreign investors to carry out the business of production, distribution and export of tea, according to the statement.
FIPB, however, deferred eight proposals, including that from Sterlite Networks Limited and IL&FS Securities Services Ltd, the statement said
The proposal of Punj Lloyd has been kept in abeyance due to security clearance, it added.