The Hindu Business Line : Elsberry among FDI plans cleared

THE Union Government has cleared the Rs 240-crore foreign direct investment proposal from Mauritius-based Elsberry Holdings Ltd in its Indian subsidiary Radhakrishna Foodland Pvt Ltd for undertaking wholesale trading and distribution and logistics of food and non-food items.

A total of 32 FDI proposals involving investment worth Rs 263.05 crore has been cleared by the Minister for Finance and Company Affairs, Mr Jaswant Singh, following recommendations made by the Foreign Investment Promotion Board.

TV Today Network Ltd, the owner of Aajtak news channel, has also been permitted to allot 100 million equity shares from its forthcoming IPO to Mauritius-based GE Capital Mauritius Equity Ltd.

US-based General Motors, too, has been permitted to remit payment of increased lump sum engineering fee from its Indian subsidiary.

The Minister has also okayed the Maurtius-based Twinstar Holdings Ltd to increase its stake in Sterlite Industries from the existing 55.17 per cent to 75 per cent involving an inflow of Rs 7.13 crore.

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