The government has given approval for 20 foreign direct investment (FDI) proposals worth Rs 1,962.05 crore, including a Rs 924-crore deal involving UTV Software Communications. The proposals, approved by the Foreign Investment Promotion Board (FIPB), also include a proposal from cement manufacturer Lafarge India for merger of Lafarge India Holding Pvt Ltd with Lafarge India Pvt Ltd.
UTV Software Communications'' proposals would raise Rs 923.94 crore through sale of equity in UTV Software and warrants of UTV Global. Additionally, the FIPB has sanctioned Italy-based marqee brand Giorgio Armani''s proposal to set up JV with 51% foreign equity to undertake single brand retail trading of the "Armani" branded products. Conversely, the FIPB has postponed its decision on eight FDI proposals, including that of Singapore-based Delight Investments offer to invest in a Hindi-language newspaper group.
The board has recommended a proposal by Essar Power and Axis Pvt Equity to the Cabinet Committee on Economic Affairs. PSA India Pte Ltd, Singapore''s proposal for induction of foreign equity up to 49 per cent for Rs 240 crore by way of preferential allotment of compulsorily convertible preferential shares has also been approved. The FDI proposal of Mauritius-based GS Strategic Investment Ltd to induct foreign equity up to 20% in a company engaged in commodity broking.
UTV Software Communications'' proposals would raise Rs 923.94 crore through sale of equity in UTV Software and warrants of UTV Global. Additionally, the FIPB has sanctioned Italy-based marqee brand Giorgio Armani''s proposal to set up JV with 51% foreign equity to undertake single brand retail trading of the "Armani" branded products. Conversely, the FIPB has postponed its decision on eight FDI proposals, including that of Singapore-based Delight Investments offer to invest in a Hindi-language newspaper group.
The board has recommended a proposal by Essar Power and Axis Pvt Equity to the Cabinet Committee on Economic Affairs. PSA India Pte Ltd, Singapore''s proposal for induction of foreign equity up to 49 per cent for Rs 240 crore by way of preferential allotment of compulsorily convertible preferential shares has also been approved. The FDI proposal of Mauritius-based GS Strategic Investment Ltd to induct foreign equity up to 20% in a company engaged in commodity broking.
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