Finance minister clears 17 foreign investment proposals

New Delhi, Sep 4: Finance Minister P. Chidambaram Thursday approved 17 foreign investment proposals worth Rs.18.44 billion, which were earlier cleared by the Foreign Investment Promotion Board (FIPB) Aug 26.

The proposals relate to sectors concerning chemical and petrochemicals, commerce, information and broadcasting, power, urban development, information technology and telecommunication, the government said here in a statement.

However, nine proposals have been deferred that include one of Mumbai's Tata Investment Corp.

Proposals of Aditya Birla Telecom Ltd and Japan's Daiichi Sankyo Co Ltd have been recommended for the consideration of the cabinet committee on economic affairs (CCEA), as the investments involved are above Rs.6 billion.

Euchner Industrie Beteiligungen Gmbh of Germany has been given approval to set up a wholly-owned subsidiary to carry out wholesale trade in electronic equipment and accessories.

Publising group IBN Lokmat News Pvt. Ltd has been allowed to induct foreign investment, direct or indirect, up to 13 percent of the issued, subscribed and paid-up share capital including present indirect foreign holding in the company.

Similarly, BBCW Channels Pvt. Ltd can now undertake downlinking and distribution of television channels in India. Also BBC Worldwide (India) Pvt. Ltd can make an amendment in the existing approval letter for inclusion of the term "downlinking".

--IANS