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.
US-based company will acquire stakes in two non-banking finance compaies for Rs159.92
of these NBFCs are engaged in security market as stockbroker, distribution of
mutual fund units and commodity trading.
proposals cleared include two from media house India Today Group to bring in FDI
for its upcoming publications.
Associated Newspapers will invest Rs18.02 crore for launching a newspaper Mail
Today along with Living Media, the holding company of India Today Group.
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.
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.
proposals, including two from BAG Films, have been deferred.