The proposals were cleared by Finance Minister P Chidambaram on the basis of recommendations made by Foreign Investment Promotion Board (FIPB).

UTV Software Communications Limited plans to bring in FDI to the tune of Rs 923.94 crore through induction of foreign equity by way of subscribing to equity shares in UTV  Software and equity shares and warrants in UTV Global, was among cleared. The proposal of Hathway Cable & Datacom Private Limited to bring in FDI worth Rs 217.25 crore though induction of foreign equity in a company engaged in Cable TV services also received the clearance.

The government also cleared the FDI proposal of Mauritius-based GS Strategic Investments Limited to bring in FDI worth Rs 300 crore to acquire equity up to 20 per cent in a company engaged in commodity broking besides other activities.  The proposal of Mumbai-based GTL Infrastructure Limited to bring in FDI worth Rs 272.29 crore through induction of  foreign equity beyond 49 per cent and up to 74 per cent in a company engaged in Internet service providers category activities by way of a sponsored Global Dipository Receipt (GDR) has been cleared.

Six deferred

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. However, the FIPB recommended that six other FDI proposals be  deferred. These include two from Bangalore-based firms.

Alpha Elettronica Defence Systems Private Limited for induction of foreign equity up to 26 per cent to undertake products relating to Defence Sector did not get the go-ahead.

Likewise, FIPB deferred the proposal of Connex Teltech Private Limited for induction of foreign equity up to 74 per cent in a company engaged in International Long Distance Services. The proposal of Kim Eng Securities to undertake stock-broking activities as a non-fund based activity was rejected apart from Meta Telecom to increase foreign equity from 40 per cent to 73.45 per cent in a company engaged in international long distance services.

The board has recommended a proposal by Essar Power and Axis Pvt Equity to the Cabinet Committee on Economic Affairs.