The Finance Minister P Chidambaram has cleared 12 Foreign Direct Investment (FDI) proposals including one by US-based Millennium India Acquisition Company. The proposals will bring Rs 212 crore of foreign investment.The US-based company will bring in Rs 159.92 crore of FDI to acquire stakes in two non-banking finance companies.Subsidiaries of these NBFCs are engaged in security market as stock-broker, distribution of mutual fund units and commodity trading.Among the other proposals cleared by Finance Minister P Chidambaram on the recommendations of the Foreign Investment Promotion Board are two from media house India Today Group to bring in FDI for its upcoming publications.UK-based Associated Newspapers will bring in Rs 18.02 crore as FDI for launching a newspaper 'Mail Today' along with Living Media, the holding company of India Today Group.In a joint venture set up for the purpose, Mail Today Newspaper will hold 74% stake while the remaining 26% will be owned by the UK-based media house.Another joint venture, ITAS Media will be set up by Living Media and Axel Springer of Germany to bring out a magazine 'Auto Bild India'. Living Media will own 51% in the JV, Axel Springer, which will bring in Rs 2.66 crore will hold 49% in the JV.Meanwhile, 13 proposals, including two from B A G Films, have been deferred by the government.
