The Hindu Business Line : Govt okays 26 pc FDI in <I>Jagran</I> daily

THE Ireland-based Independent Printing Company Ltd has been permitted to acquire stake in Jagran Prakashan Ltd, which publishes the Hindi daily Jagran.

Independent Printing's proposal to pick up 26 per cent stake in Jagran involving foreign direct investment (FDI) worth Rs 150 crore was among the various FDI proposals okayed by the Government on Saturday.

The Finance Minister, Mr P. Chidambaram, approved a total of 37 FDI proposals involving FDI worth Rs 354.35 crore.

The other proposals cleared by the Minister include Finland-based Metso Paper Inc's plan to invest Rs 88 crore in its wholly-owned Indian subsidiary Metso Paper (India). The company would undertake onsite assembly, installation and commissioning of paper and pulp mill projects supplied to industrial institutional end users by the parent company.

Singapore-based Alexandra Fund Management's proposal to set up a joint venture asset management company involving FDI worth Rs 21.77 crore to undertake management of portfolios, assets as well as investment advisory services has also been given the green signal by the Minister.

Netherlands-based Thompson Holdings BV plan to set up a wholly-owned subsidiary involving FDI worth Rs 13.2 crore to undertake wholesale trading of learning products and solutions has also been cleared by the Minister.

Suxuki Motor Corporation's proposal to undertake additional trading activities through its Indian subsidiary Suzuki Metal India Ltd engaged in design, assemble, manufacture, import, export of all variants of automobile engines including petrol and diesel engines and transmission has also been okayed.

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Govt okays 26 pc FDI in Jagran daily