Government Approved 24 FDI Proposals

Based on the recommendations of the Foreign Investment Promotion Board (FIPB), the Indian Government on 23 Sept 2010 approved Forign Direct Investment (FDI) 24 proposals worth Rs 2727.413 crore. Investment plans of Asian Genco Pte Ltd and Housing Development and Infrastructure Ltd (HDIL) top the list of 24 foreign direct investment proposals approved. Asian Genco proposed to invest Rs 1100 crore for setting up an investing company in India. HDIL plans to invest Rs 747.50 crore through the issue of warrants for undertaking real estate development. Media houses Kal Media Services and Jagran Media Network was separately granted approval to induct foreign equity worth Rs 396 crore and Rs 225 crore respectively. The Government also approved NDTV Lifestyle Holdings' proposal to bring in foreign equity of Rs 186 crore for the uplinking and broadcasting non-news and current affairs television channels.
The Government deferred 22 proposals and rejected 12. Etilsalat DB's plan to transfer resident shares to a non-resident company and UTStarcom India Telecom's plan to undertake additional activity in the telecom sector met with rejection. One of the deferred proposals include GMR Airports Holding's plan for inducting foreign equity in an investing company.