New Delhi: On the basis of recommendations of the Foreign Investment Promotion Board (FIPB), The Government on Monday approved 13 Foreign Direct Investment (FDI) proposals amounting to Rs 477 crore.
Approving these proposals, Finance Minister P Chidambaram cleared sale of 6 per cent equity in the National Stock Exchange (NSE) to foreign investors.
The sectors cleared for the 6 per cent FDI include banking, construction, communication and media.
As per the Government approval, the three Mauritius-based companies – MS Strategic (Mauritius), Actis Investment Holdings and Citigroup Strategic Holdings – will collectively pick up 6 per cent equity in NSE from IDBI, State Bank of India, SBI Capital Markets, Bank of Baroda, Canara Bank, Oriental Bank of Commerce and Corporation Bank.
The Government also sanctioned fresh investment of Rs 225 crore in construction sector by Sweden-based Quinn Logistics.
The proposal includes incorporation of a holding company to make downstream investment in companies engaged in construction activities.
The Government also approved the proposal of Worldcom Communications (name changed to Verizon Communications) to undertake national long distance telephony service and provide Internet services with gateways. The proposal does not involve inflow of fresh foreign investment.
In the media sector, the Government cleared the proposal of Times Global Broadcasting to induct Rs 34.35 crore by issuing non-convertible redeemable cumulative preference shares to Reuters Singapore.
(With inputs from PTI)
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