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FIPB clears 19 FDI proposals
21 January 2011: The Union Ministry of Finance on recommendations of the FIPB has approved 19 FDI proposals. The proposals have combined valued of Rs 4,340 crore. The major proposal was of Tata Steels Rs 1,100 crore proposals for issue of warrants as part of its fund mobilisation plan. It also approved Future Ventures India's request to allot shares worth Rs 300 crore to FIIs and NRIs under portfolio investment scheme. Japan based Yorozu Corporation's Rs 140 crore plan to set up a JV company to manufacture different automotive parts was also among the proposals that were cleared. The Karur Vysya Bank's proposal to issue partly paid up shares worth Rs 107.5 crore has also been given a go-ahead by the ministry. EADS Deutschland GmbH and L&T have been allowed to induct foreign equity up to 26 per cent to carry out manufacturing, distribution and marketing of defence related products like electronic warefare and military avionics. The ministry deferred decision on 16 FDI proposals, including Reliance Broadcast Network and Essar Capital Holding. It also rejected two proposals, including that of B4U Television Network.
Source: Finmin