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FDI proposals cleared
9 June 2011: The Union Government has approved 16 FDI proposals amounting to Rs 923.55 crore.
The FIPB board gave its approval to Soma Tollways (Andhra Pradesh) for induction of foreign equity in an investing company. The proposal is likely to bring in FDI worth Rs 500 crore. L&T Finance Holdings's application for permission for pre-IPO placement of equity shares with eligible non-resident investors was also approved. The firm aims at FDI worth Rs 400 crore.
The board also okayed the Star News Broadcasting’s (Touch Tele Content (I)) proposal for induction of foreign capital. The other major proposals that were cleared include those of Global Gourmet (Gujarat), Park Controls & Communications (Bengaluru) and Centum Electronics (Bengaluru). Meanwhile, the board deferred a decision on 14 applications, rejected seven and recommended one for the CCEA.
Source: Finmin