Govt clears 10 FDI plans worth over Rs 1,123 cr

Govt clears 10 FDI plans worth over Rs 1,123 cr

These were cleared on the basis of recommendations made by Foreign Investment Promotion Board (FIPB).

The government finally approved the long pending proposal of Bangalore-based United Breweries (Holdings) Limited to bring in FDI worth Rs 218.96 crore through issue of fully convertible equity warrants and allotment of fully paid up equity shares on conversion of convertible equity warrants.

Dish TV India Limited’s plans to bring in FDI worth Rs 750 crore through issue of convertible bonds, convertible into equity shares at ‘conversion price’ too got the green signal. These offers as specified in an offering circular will be made to persons, resident outside India as permissible under applicable laws.

Other plans cleared are: Spanish firm  Industria de Diseno Texti, Sociedad Anonima to bring in FDI worth Rs 23.58 crore to set up a joint venture for retail trading of products under the single brand. Germany-based Siemag Aktiengesellschaf to bring in FDI worth Rs 30 crore to set up a joint venture company to carry out activities relating to manufacture, sale and commissioning of Single Stand Reversing Cold Mills, Skin Pass Mills, Compact Cold Mills and Strip Process Lines.

However, the Centre, deferred nine FDI proposals, including Taneja Aerospace and Aviation Limited to regularise FII investment in the defence sector. Germany-based Eads Deutchland GmbH (EADs) and Larsen & Tourbo Limited to incorporate a manufacturing joint venture company to undertake the production of defence equipment like manufacture of arms and armaments and Unitech Wireless Private Limited plans to increase foreign shareholding up to 74 per cent too were deferred.