The government has cleared 19 foreign direct investment projects worth Rs. 4,340 crore, including that of Tata Steel and Future Ventures.
The Foreign Investment Promotion Board (FIPB), however, deferred decision on 16 FDI proposals, including Reliance Broadcast Network and Essar Capital Holding.
It also rejected two proposals, including that of B4U Television Network for induction of foreign equity to carry out business of up-linking a non-news and current affairs TV channel. It cleared the Tata Steel’s Rs. 1,100 crore proposal for issue of warrants as part of its fund mobilisation plan.
It approved Future Ventures request to allot shares worth R300 crore to FIIs and NRIs under portfolio investment scheme.