The government on Friday, cleared 12 Foreign Direct Investment (FDI) proposals that will bring in Rs 212 crore, of which the largest chunk will be by US-based Millennium India Acquisition Company. Meanwhile, 13 proposals, including two from B A G Films, were deferred by the government, according to an official statement here.
The US-company will bring in Rs 159.92 crore of FDI to acquire stakes in two non-banking finance companies.
Among the proposals cleared by Finance Minister P Chidambaram on the recommendations of the Foreign Investment Promotion Board are two from media house India Today Group to bring in FDI in its upcoming newspaper and magazine.
Associated Newspapers will bring in Rs 18.02 crore as FDI for launching a newspaper ‘Mail Today’ and Living Media , the holding company of India Today Group.
