labels: industry - general, economy - general
India Today''s two FDI proposals among 12 cleared news
02 November 2007

Finance minister P Chidambaram also cleared 12 foreign direct investment (FDI) proposals, including one by US-based Millennium India Acquisition Company. The proposals cover Rs212 crore of foreign investment.

The US-based company will acquire stakes in two non-banking finance compaies for Rs159.92 crore.

Subsidiaries of these NBFCs are engaged in security market as stockbroker, distribution of mutual fund units and commodity trading.

Other proposals cleared include two from media house India Today Group to bring in FDI for its upcoming publications.

UK-based Associated Newspapers will invest Rs18.02 crore for launching a newspaper Mail Today along with Living Media, the holding company of India Today Group.

In a joint venture set up for the purpose, the Indian group would hold a 74-per cent stake while the remaining 26 per cent will be owned by the UK-based media house.

Another joint venture, ITAS Media will be set up by Living Media and Axel Springer of Germany to bring out a magazine Auto Bild India. Living Media will own 51 per cent in the JV, Axel Springer, which will invest Rs2.66 crore for a 49 per cent stake in the JV.

Thirteen proposals, including two from BAG Films, have been deferred.

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India Today''s two FDI proposals among 12 cleared