The government has cleared 17 proposals to bring in Rs 569.41 crore of FDI, the bulk of which will go to two companies, Hindustan Media Ventures and Turmeric Vision.
The proposal of Hindustan Media Ventures envisages foreign investment of Rs 350 crore, the Finance Ministry said in a statement.
Hindustan Media Ventures, the publisher of Hindi daily 'Hindustan', will bring in foreign investment from FIIs and venture capital funds.
Turmeric Vision's proposal entails FDI of Rs 122.10 crore for inducting foreign equity into its business of "originating, aggregating, distributing and operating a 24- hour food television channel," the statement said.
The government also cleared Rs 36.76 crore FDI in Geomysore Services (India) to undertake minerals exploration and mining of gold nickel, platinum, diamonds, copper and zinc.
The FDI clearance decisions are based on the recommendations of the Foreign Investment Promotion Board (FIPB) at its meeting held on May 31, 2010.
More From This Section
It okayed C&J International's proposal for Rs 19 crore foreign investment to set up a JV for retail trading under a single brand, as well as Strawberry Constructions's proposal for Rs 25 crore FDI.
UTV News's Rs 34 lakh FDI for up-linking and broadcasting content on its news and current affairs television channel was also cleared by the government.
In the agriculture field, it approved the Rs 15.28 crore proposal of Valuable AG-Bio for investment in floriculture and horticulture.
A lot of other proposals cleared entailed little or no investment.
FIPB deferred a decision on 20 proposals and rejected nine.
The proposals deferred covered a host of telecom, media and technology companies, including Telcordia Technologies Inc., USA, one of the companies selected by DoT to implement mobile number portability but which did not get security clearance due to concerns that it operates in Pakistan.
Some of the other companies whose proposals have been deferred included Zee Entertainment Enterprises, Jagran Media Network, INX Media, Verizon Communications India, NTT Communications Corporation, Essar Capital Holdings (India), Telstra and S Tel.
The proposals rejected by the government included American Standard Bath & Kitchen India, JT International India, General Nice Mineral Resources (India), UE Development India, Allied Moulded Products Inc and Sri Dudheshwar Nath Steel.