Govt clears 19 FDI proposals

The government today approved 19 foreign direct investment (FDI) proposals amounting to Rs 726.88 crore, which include Global Broadcast News Ltd's proposal to sell 26 per cent stake for Rs 500 crore.

The proposal of Cyprus-based Dunbay to acquire additional 5 per cent stake in the Delhi Stock Exchange for Rs 10.61 crore has also been approved by the Foreign Investment Promotion Board (FIPB).

GBN, which is a part of media group Network18, runs English news channel CNN-IBN. It had raised around Rs 105 crore from the capital market with an initial public offer (IPO) early this year.

The company also has a 50:50 joint venture with US based Viacom group, called Viacom 18 Media, to enter the general entertainment channel segment.

The FIPB also gave its approval to the UK-based Middlesborough Oils to invest Rs 200 crore to set up a subsidiary to undertake extraction of crude Jatropha oil from Jatropha seeds. Daimler Chrysler of Germany has also been allowed to set up a joint venture company to undertake building of buses.

Japanese company Mitsui & Co has been allowed to issue shares in lieu of transfer of liaison office to set up a subsidiary to undertake cash and carry business.

The Board also approved the Netherlands-based Publicis Groupe Holding's proposal to acquire 100 per cent in an Indian company engaged in public relation and advertising.

However, a decision on BAG Films' proposals to induct investment through FDI and foreign currency convertible bonds (FCCBs) was deferred.

Canada-based Nortel Networks, which had approached to induct foreign equity, was also asked to follow the automatic route.