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FDI in Sun Direct TV, Salim group allowed
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New Delhi
Feb. 22
The Cabinet Committee on Economic Affairs (CCEA) today permitted Sun Direct TV to issue equity shares accounting for 20 per cent of its paid up capital to Mauritius-based South Asia Entertainment Holdings Ltd involving foreign direct investment (FDI) inflow of around $150 million (approximately Rs 675 crore) over a period of time subject to the guidelines issued by the Ministry of Information and Broadcasting.
The CCEA has also approved Indonesia-based Salim Group's Indian outfit New Kolkata International Development Private Ltd (NKID) to act as operating-cum-holding company to make downstream investments in Indian companies for developing various components of the integrated infrastructure development project comprising townships, housing, special economic zones, industrial parks and related infrastructure either through wholly owned SPVs or joint ventures with third parties including West Bengal Industrial Development Corporation.
The approval is expected to bring in FDI amounting to $500 million (approximately Rs 2,250 crore). NKID is a company incorporated in the State of West Bengal.
NKID has entered into Development Agreement with the Government of West Bengal and West Bengal Industrial Development Corporation to act as the developer for the proposed New Kolkata Project. Forty per cent of NKID's equity will be subscribed by the Salim Group, which is one of Asia's leading business groups, and has already made investment into India in a project for developing an integrated township in Kolkata in a joint venture.
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