Government clears foreign investment worth 2,325 Crore

Tuesday, 30 March 2010, 02:33 Hrs
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New Delhi: The government Monday approved 23 foreign direct investment (FDI) proposals worth 2,325.21 crore, rejected six and deferred decision on eight.

Among the approved proposals were Tikona Digital Network's 1,142.21 crore offer for rasing the FDI to 74 percent by issue of compulsorily convertible debentures and Pune-based Bharat Forge's plan to issue warrants worth 576 crore.

Opto Circuits India's proposal to issue convertible warrants worth 376.27 crore and a request by Intel Capital -- the Mauritius-based investment arm of the computer chip major Intel -- to acquire equity in the Multi Commodity Exchange of India for 66 lakh also received the nod.

The government put off decision on several proposals, including the offer of Gurgaon-based S Tel Private Ltd, a joint venture between Chennai-based Shiva Group and Bahrain Telecom, to issue fully paid-up fresh equity shares to undertake the business of providing telecom services in India.

Two proposals -- Maa Television's plan to regularise the 20 percent existing share holding and Delhi-based QAI India's request for approval of issuance of warrants -- were advised to access the automatic route, according to an official statement.
Source: IANS
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