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Fresh Round of FDI ApprovalsTuesday, August 07, 2007
A fresh round of approvals by the Foreign Investment Promotion Board had the Finance Minister P. Chidambaram approving 17 proposals of foreign direct investment. Adding up to a value of Rs.575.83 crore, the 17 proposals include Mauritius based B.K.Holdings Ltd’s investment in 50% of MTV India’s stocks. The investment would enable MTV to expand its channel network through cable and DTH and develop its film production and film distribution business in addition to stepping up its marketing and related services. The investment amounts to Rs.2.02 billion Mitsubishi of Japan has also been granted approval to set up a new joint venture at a cost of Rs.37.35 crore, which would take up the manufacture and import of diesel engines and its components, and their marketing distribution activities in India. Another FDI proposal from the Mumbai based stock broking firm Human Value Developers worth Rs.235 crore was also approved. The Foreign Investment Promotion Board has given its assent to Hutch Essar to change its name to Vodafane Essar following the takeover. HSBC Securities and Capital Markets (I) Pvt Ltd, and Aircel Digilink India Ltd are some of the other proposals that were formally approved by the Finance Ministry. As per senior government officials, more than USD 6 billion of foreign direct investment flowed in during the first quarter between April and June 2007. Officials of the Department of Industrial Policy and Promotion are hopeful of more investment coming in for infrastructure, mindful that foreign investors are wary of risks and returns in these ventures. FDI in India surpassed the government’s target in 2006-07 to touch USD 19.5 billion, and is expected to reach USD 30 billion in 2007-08. Infrastructure would demand USD 475 billion over the next half-decade to enable the economy to achieve its target growth rate of 9%. Japan is expected to be a large source of funds once Indian companies are permitted by Japanese law to issue Japanese Depository Receipts.Related Readings» 23 FDI proposals meet Indian Government Approval» FDI Performance Report: Quantitative Improvement, states RBI » FDI Welcome in Indian Infrastructure Sector » Lock-in Period on NRI Investments in Real Estate Likely
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