The Foreign Investment Promotion Board (FIPB) has approved 19 proposals worth Rs 1,358 crore, including one from Sistema Shyam Teleservices and Reliance Broadcast Network.
A decision was deferred on 21 proposals, including that of Essar Capital Holdings (India), and nine were rejected. Three proposals – from Hero Investments Pvt Ltd, Reckitt Benckiser Plc and GMR Airports Holding Ltd – were referred to the Cabinet Committee on Economic Affairs, as the investment involved in each was over Rs 1,200 crore.
Shriram Capital wants to induct foreign equity in an investing company in a Rs 1,180-crore proposal. The government also approved a Rs 45.5 crore proposal of Reliance Broadcast Network seeking to induct investment by foreign institutional investors and non-resident Indians, among others, up to the limit of 20 per cent of the capital of the company. The company is engaged in FM Radio Broadcasting.
A Rs 55 crore proposal of INX Media was also okayed.
FIPB approves FDI proposals that are not permitted under the automatic route. In its earlier meeting, the board had approved eight foreign investment proposals worth Rs 883 crore. FDI inflows into the country declined by 23 per cent to $16 billion in April-December 2010 from $20.9 bn in the same period the previous year, according to commerce ministry data.
