UTV’s FDI proposal, 19 others cleared by govt

New Delhi: : Government has cleared 20 foreign direct investment (FDI) proposals that will bring in Rs 1,962.05 crore, including Rs 924 crore by UTV Software Communications. The proposals, approved by finance minister P Chidambaram on the recommendation of Foreign Investment Promotion Board (FIPB), also included the offer from cement manufacturer Lafarge India for merger of Lafarge India Holding with Lafarge India, according to the Finance Ministry.

Lafarge’s proposal was cleared by the Bombay High Court, a ministry statement said. UTV Software’s proposals would bring in Rs 923.94 crore through equity purchase in UTV Software and equity shares and warrants in UTV Global. FIPB has deferred its decision on eight 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, 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. Chidambaram also approved Rs 300 crore FDI proposal of Mauritius-based GS Strategic Investment Ltd to induct foreign equity up to 20 per cent in a company engaged in commodity broking, besides other activities.

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