FIPB clears 34 proposals in various fields

New Delhi: The Foreign Investment Promotion Board(FIPB) has cleared 34 proposals involving an investment of more than Rs 2,288 crore in diverse fields including information and broadcasting, telecommunications and urban development.

Global Assets Holding Corporation Private Ltd proposal for induction of foreign equity and conversion of an operating company into an operating cum holding company to make downstream investment in the telecom sector. The proposal involves an investment of Rs 580 crore.

The meeting also cleared a proposal of UTV Software Communication Ltd for issue of FCCB and induction of FDI to the tune of Rs 400 crore. IL&FS Trust Company Ltd to accept contribution from the offshore fund into the trust worth about Rs 290 crore was also approved. A Rs 200-crore proposal of Wisdom Global Enterprises Ltd entailing induction of foreign equity and conversion of operating company into a holding company to make downstream investment was also given the nod.

A Rs 180-crore proposal of G.S. Strategic Investments Ltd involving induction of foreign equity in an operating company and conversion of operating company into a holding company was also cleared

The proposal of Vijay Television Private Ltd to increase the paid-up capital and undertake the activities of uplinking of non-news and current affairs televisions channels was also approved. The proposal entails an investment of about Rs 34 crore.