Sony, Zee proposals among Rs1,140-cr FDI approved

The government has approved nine foreign direct investment (FDI) proposals worth Rs1,140.14 crore, including Sony's proposal to induct foreign equity worth Rs545 crore in its television arm Multi Screen Media.

Multi Screen Media proposes production of television programmes in India languages primarily for export, sale and distribution of Indian language audio visual production.

The government also cleared Zee Network owned Wire & Wireless Company's proposal to issue warrants worth Rs324 crore to carry out the business of Cable Network Business.

The government, however, deferred a decision on Hindustan Coca Cola Beverage's proposal for extension of the tenure of investments made downstream by way of redeemable preference shares and approval for FDI inducted in the holding company during 2010-2011.

Based on the recommendations of the Foreign Investment Promotion Board (FIPB), the finance ministry cleared FDI proposals made by nine investors for a total of Rs1,140.14 crore, an official release said today.

The projects cleared by the finance ministry also include Mahindra's proposal to induct foreign equity worth Rs80.41 crore in insurance broking business, Singapore-based Lagardere Services' proposal to invest Rs53.87 crore to set up a joint venture investment holding company and Security & Intelligence Services Ltd's proposal to bring in foreign money worth Rs82.90 crore.

Meanwhile, Swedish furniture maker Ikea's proposal to invest Rs10,500 crore in its Indian venture has been referred to the Cabinet Committee of Economic Affairs as all FDI proposals above Rs1,200 crore need cabinet approval.