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Govt. approved 17 foreign
direct investment proposals
New Delhi, September 05, 2008
Government has approved 17 foreign direct investment
proposals worth Rs 1,844.32 crore, including Rs 781-crore plan
of Quippo Telecom, while deferring ABN-Amro's proposal to
expand its financial services in the country.
The Foreign Investment Promotion Board (FIPB) , however,
recommended Japan based Daiichi Sankyo's proposal to take over
pharma major Ranbaxy to the Cabinet Committee on Economic
Affairs as the investment involved is over Rs 600 crore.
Network 18 media group's plan to sell up to 13 per cent stake
in its newspaper venture under IBN Lokmat News and BBC World
Channels' proposal to downlink and distribute television
channels in India have also been approved.
Athena Infrastructure's proposal to infuse Rs 220 crore
foreign investment by offloading equity stake up to 49 per
cent and Ramky Infrastructure's Rs 400 crore investment plan
were also approved.
Other proposals which got approval were of Mumbai-based Biotor
Industries's Rs 240 crore plan to convert operating company
into an operating-cum-holding company to make downstream
investments, besides of JRG Securities to convert warrants
into equity through Rs 57.59 crore investment.
However, the FIPB deferred nine proposals, including that of
Tata Investment Corporation to issue zero coupon convertible
bonds with detachable warrants to shareholders of the company
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