Govt clears 20 FDI proposals

New Delhi: The Government cleared 20 foreign direct investment proposals worth Rs 1,962.05 crore, including Rs 924-crore proposal of UTV Software Communications Ltd.

The proposals, approved by the Finance Minister, Mr P. Chidambaram, on the recommendation of Foreign Investment Promotion Board, also include Lafarge India’s plans for merger of Lafarge India Holding Pvt Ltd with Lafarge India Pvt Ltd as per the order of High Court of Bombay. The proposal does not involve a fresh foreign investment inflow, an official release said here.

UTV Software Communications’ entails induction of foreign equity by way of subscribing to equity shares in UTV Software and equity shares and warrants in UTV Global.

Two proposals — Essar Power, Mumbai and AXIS Pvt Equity, Mumbai — have been recommended for consideration of the Cabinet Committee on Economic Affairs as each of these proposals exceeded Rs 600 crore.

PSA India Pte Ltd, Singapore’s Rs 240-crore FDI proposal for induction of foreign equity up to 49 per cent by way of preferential allotment of compulsorily convertible preferential shares, has also been approved.

The Government has also given a green signal to the Rs 300-crore FDI proposal of Mauritius-based GS Strategic Investment Ltd for induction of foreign equity up to 20 per cent in a company engaged in commodity broking, besides other activities.

It has also approved Hathway Cable and Datacom Pvt Ltd proposal for “induction of foreign equity in a company engaged in Cable TV services”.

However, eight FDI proposals have been deferred, including that of Singapore-based Delight Investments, Sumitomo Heavy Industry, Meta Telecom, and Aster Infrastructure.