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Sterlite Grid project among 20 FDI proposals cleared

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Govt clears proposals worth Rs 1,935 crore

The Government has approved 20 proposals of Foreign Direct Investment worth Rs 1,935.24 crore, an official statement said on Tuesday.

These include: Rs 1,150 crore by Sterlite Grid, to act as an investment company; Rs 230.7 crore by Equitas Micro Finance for demerging its microfinance business with its wholly-owned subsidiary; and Rs 200 crore by TV Vision for induction of foreign investment by way of issue of equity shares through an IPO, to undertake the business of broadcasting a non-news and current affairs TV channel.

The approvals were given based on the recommendations of the Foreign Investment Promotion Board.

Deferred, rejected

However, 23 proposals were deferred, including that of Rossell Aviation (to undertake business in the civil and defence aviation fields with focus on product-support services, repair and maintenance facility as well as providing training solutions in the project primarily relating to the offset obligation in India to the aviation industry) and Alliance Data Pte, Singapore (to undertake publishing and printing an Indian edition of a foreign specialty magazine), while 10 were rejected.

Meanwhile, the proposal of G4S Security Services was withdrawn and that of MNP Interconnection Telecom Solutions (regarding overseas transaction) was noted.

On the proposal of Omnimedia SL (to undertake publishing/printing of scientific and technical magazines/ specialty journals/ periodicals in the name and style of “Energetica-India” and circulation of its digital version), the Government has asked the applicant to approach the Ministry of Information and Broadcasting. The proposal did not involve any fresh inflow of FDI.

Among the proposals cleared included — Rs 13.75 crore of Funderburk 2 Mauritius Ltd (to subscribe to equity shares of an Indian company engaged in multi-commodity exchange for derivative markets across all commodity segments); Rs 135.55 crore of Jalgaon Investments; and Rs 65 crore of Singpai Pte Ltd, Singapore (induction of foreign equity into an Indian company to carry out the business of manned guarding, investigations, electronic security systems and cash management services).

arun.s@thehindu.co.in

(This article was published on January 10, 2012)
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