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FIPB clears seventeen FDI proposals
10 June 2010: The Foreign Investment Promotion Board (FIPB), the nodal wing in the Union Ministry of Finance for clearing FDI proposals, deferred a record number of 20 proposals in its last meeting on 31 May 2010.
Also, as many as 9 proposals were rejected by the FIPB in the same meeting. Among the 20 deferred proposals, seven belong to the telecom sector, while five are related to the media and entertainment segment.
Verizon Communications, NTT Communications, Arkadin SAS France, Essar Capital, S Tel, Telecordia Technologies, and Telstra (whose application was rejected earlier) are all in the queue to get their telecom proposals cleared by the government.
According to the ministry, 17 FDI proposals worth Rs 569 crore were cleared by the government that day. The companies getting a nod from FIPB are Godrej Tyson Foods, SDB Cisco, Haymarket Media, Eage Mining, C&J International, Matteo Basso, UTV News, Turmeric Vision, Clear Channel, Universal Music, Hindustan Media ventures, Mid Day Multimedia, DLF Hilton Hotels, Strawberry Constructions, Valuable AG, Freedom Opthalmic and Geomysore Services.
Source: DNA