The most important FDI proposals cleared by the government is of Global Broadcast News Limited (GBNL) to induct FDI worth Rs 500 crore including investment by Foreign Institutional Investors (FIIs) in a company engaged in up-linking of news and current affairs. With the induction of FDI worth Rs 500 crores, the GBNL will hold 26 per cent stake in the company.

Among the slew of other significant foreign direct investment proposals cleared by the government includes the UK-based Middlesbrough Oils UK Limited, which is going to set up a wholly owned subsidiary at a cost of Rs 200 crore to undertake extraction of crude Jatropha oil from Jatropha seeds.

Deferred decision

 However, the government deferred decisions on two FDI proposals including the proposal of B A G Films and Media Ltd to induct foreign investment in a holding company having downstream investment in the companies to be engaged in up-linking news channels, non-news channels and FM Radio. With regard to the proposal of the Bangalore-based Ultralife Batteries India Private Ltd to acquire shares up to 51 per cent of a company engaged in the manufacture of batteries through induction of FDI, the government asked it to access automatic route.
The proposals were cleared by Finance Minister P Chidambaram on the basis of recommendations made by the Foreign Investment Promotion Board (FIPB).