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Government clears 19 FDI proposals
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SME Times News Bureau | 25 Jul, 2014
The government has approved 19 foreign direct investment proposals,
including that of Walt Disney and Reckitt Benckiser (India), amounting
Rs.2,326.72 crore.
"Based on the recommendations of Foreign
Investment Promotion Board in its meeting held on June 11, 2014,
Government has approved 19 proposals of foreign direct investment (FDI)
amounting to Rs.2,326.72 crore approximately," the Finance Ministry said
in a release.
However, it has rejected an investment proposal
of Multi Commodity Exchange of India (MCX) for a post-facto approval of
the foreign investment made by Alexandra Mauritius Ltd prior to the
period when FDI in commodity exchanges was brought under approval route.
It also rejected foreign investment application of George
Institute for Global Health (Hyderabad), BIESSE Manufacturing Company
(Bangalore) and three others.
The Finance Ministry further said
decision on seven FDI proposals has been deferred. These include
proposal of Ahlcon Parenterals (India) (pharmaceutical sector), Indian
Rotorcraft Ltd (defence) and UBM Medica India (print media).
The
government gave its nod to the proposal of Walt Disney Company
(Southeast Asia) Pte Ltd, Singapore, to put in additional capital in UTV
Software Communication by way of subscription to equity capital up to
Rs.1,100 crore and make additional investments from time to time.
Reckitt
Benckiser (India) has got permission to acquire 23.72 per cent paid up
share capital of Reckitt Benckiser Healthcare India Ltd from its Reckitt
Benckiser (Singapore) Pte Ltd. It entails investment of Rs.725 crore.
The
proposal of Department for International Development, UK for investment
into NEEV Fund, proposed to be registered with the SEBI, as a Category I
Alternative Investment Fund- Infrastructure Fund has also been cleared.
The applicant was SBICAP Ventures and the proposals entails investment of Rs.396 crore.
The
other investment proposals cleared are that of TTK Protective Devices
(Chennai), BNP Paribas India Holding, Pfizer Ltd (Mumbai), News Laundry
Media, J2 Global Ireland, Morgan Stanley Global Services Mauritius
(Mauritius) and Brightstar Infrastructure (Mumbai).
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