Govt clears 14 FDI plans

New Delhi: Havells India’s proposal entailing issue of shares and convertible warrants worth Rs 278 crore was among the 14 foreign direct investment proposals cleared by the Government. The 14 proposals together would bring in Rs 825.7 crore of FDI.

The Finance Minister, Mr P. Chidambaram, on the recommendation of the Foreign Investment Promotion Board, also cleared the Mumbai-based Fox Star Studios India’s plan for induction of foreign equity up to 100 per cent in domestic company for production of motion pictures. The proposal involves foreign investment of Rs 9.90 crore, according to an official release.

LaQshya Media’s proposal involving induction of foreign equity by way of allotment of equity shares and conversion of warrants into equity shares; and conversion of the operating company into an operating-cum-holding company for consideration of Rs 276.25 crore, was also cleared.

A Rs 7.95 crore FDI proposal of Mauritius-based EFX Holdings Ltd also received Government nod, even as the FIPB rejected a proposal of Federal Mogul Corporation of the US to set up a new wholly-owned subsidiary to undertake manufacturing, distribution and sale of sealing products and gaskets. According to sources, the company has an existing technical alliance and it did not furnish a no-objection certificate from the existing partner.

As many as 13 proposals, including one by DLF Limitless Developers Ltd, were deferred. DLF has announced a joint venture with Dubai-based Limitless for developing a township in Bangalore.