Rs 1,100 crore FDI plans cleared

The government cleared 30 foreign direct investment (FDI) proposals envisaging investments worth Rs 1,100 crore yesterday.

The proposals, cleared by Finance Minister Jaswant Singh on the recommendation of Foreign Investment Promotion Board (FIPB), include the UK-based Henderson Asia Pacific Private Equity partner's plan to pick up 19.23 per cent stake in the Hindustan Times group company HT Media for Rs 124 crore.

The FDI plans also include Gabriel Trade & Investment Company's plan to set up a wholly-owned subsidiary with an investment of Rs 900 crore.

TCL Overseas Holdings' plan to set up a wholly-owned subsidiary in India to manufacture CTVs and home appliances also falls under the proposal.

Reebok International's plan to maintain its holding in its joint venture with Phoenix Overseas at 93.15 per cent was also given the go-ahead as much as it was given to the Netherlands-based Stahl to set up a subsidiary in the country for an initial investment of Rs 9 crore.