NEW DELHI , JUNE 16, 2010: THE Foreign Investment
Promotion Board, the government body that sanctions foreign direct investment
not allowed through the automatic route into India, has approved 17 projects,
deferred 20 proposals, and rejected nine offers in its meeting on May 31, 2010,
according to a government press release. The projects approved for investment
are expected to bring in foreign direct investment amounting to Rs. 569 crore.
The
17 proposals approved for FDI belong to various sectors like agriculture, media
and broadcasting, mines, tourism, urban development and dairy.Among these, the
biggest project is of Patna-based Hindustan Media Ventures, which wants to
induct foreign investment of about 26 per cent from non-resident and foreign
investors amounting to Rs 350 crore.
The
second largest project belongs to Mumbai-based Turmeric Vision that wants to
induct foreign equity of Rs. 122 crore for a 24 hour food television channel.
Both these projects are in the information and broadcasting industry.
Some
of the other approved proposals include expansion of the poultry business of
Mumbai-based Godrej Tyson Foods; a joint venture for retail trading of products
of C&J International, induction by UTV News of foreign equity into its
television channel business. Other companies that have received the FIPB nod are
SDB Cisco, Haymarket Media, Eagle Mining Products, Clear Channel, Universal
Music, Mid Day Multimedia, DLF Hilton Hotels, Strawberry Constructions, Valuable
AG, Freedom Opthalmic and Geomysore Services.
Among
the 20 deferred proposals, seven are in the telecom sector while five are in the
media and broadcasting industry. Telecom companies like Verizon Communications,
NTT Communications, Telestra, Telcordia Technologies of US, Arkadin SAS of
France, S Tel Private Limited, and Essar Capital shall remain in queue for
getting their proposals cleared by the government. Media companies include INX
Media and Jagran Media.
The
proposals rejected by the FIPB include companies like Shanbagam Estate, Simplast
India, American Standard Bath & Kitchen India, General Nice Mineral
Resources, Sri Dudheshwar Nath Steel, JT International, UE Development, Allied
Moulded Products and ISNI Electric Power Company.
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