Indian government has cleared 32 foreign direct Investment (FDI) proposals worth Rs 8.45 billion. The FDI will bring a cumulative investment of the figure given above.
The deals include Oriental Structural Engineers` plan to start up a holding company which would bring the highest amount of FDI , that is worth Rs 4.50 billion. Further there is Television Eighteen India planning to set up three regional business news channels.
Also Oil India`s proposal of IPO issue and conversion of operating company into an operating-cum-holding company was given a green signal.
German foods brand Dr. Oetker India to invest Rs 1.10 billion was also cleared. Reid & Taylor`s proposal to allot and issue equity share warrants was also allowed which will further bring Rs.1.08 billion into the country.
But there wasn’t good news for all. The proposals of Nagarjuna Construction, Inuit US Holdings and Delight Investments of Singapore were rejected by the govt.
Also US-based Dow Jones & Company wished to set up a wholly-owned subsidiary in order to carry out publishing of fascimile editions of newspapers but the govt. declined the proposal. Apart from these, Ansal Properties and Infrastructure withdrew their plan to increase the cap on FIIs holding to 49% from 24%.
