| Date: |
24-02-2011 |
| Subject: |
India Approves 19 FDI Proposals Worth `13.58bn |
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New Delhi: The Indian government yesterday approved 19 proposals of foreign investment worth `13.58bn (over $300m) including a big-ticket deal from Shriram Capital Ltd.
“The government has approved 19 proposals of foreign direct investment (FDI) amounting to `13.58bn approximately,” said an official statement. According to the statement, the biggest proposal is from Shriram Capital Ltd. which intends to bring in `11.8bn through induction of foreign equity in an investing company.
Other major investors include FM radio broadcasting company Reliance Broadcast Network Ltd with `45.47 to be induced from foreign institutional investors (FIIs) and non-resident Indians (NRIs).
Meanwhile, the government has deferred 21 FDI proposals, prominent among them being of Lokmat Media Limited, which intended to introduce foreign equity by way of IPO (initial public offer) including FIIs. Nine proposals were rejected by the government including Aim Star Network Enterprise Pvt. Ltd. for induction of foreign equity to start a trading firm for items sourced from medium and small scale sector.
Source : thepeninsulaqatar.com
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