The Foreign Investment Promotion Board (FIPB) has approved 17 foreign direct investment (FDI) proposals involving an inflow of Rs 575.83 crore including Rs 202 crore from MTV India, the government said on Friday.
According to the proposal, Raghav Bahl's TV 18 Group will invest $50.5 million ( Rs 202 crore) through its Mauritius-based BKH Holdings Ltd to pick up a 50 per cent equity stake in MTV Networks India.
MTV India is part of US-based media giant Viacom that distributes channels such as MTV, VH1 and Nickelodeon. It has been already in existence in India. The TV 18 Group is taking a stake in its enhanced capital through the Mauritius route.
Viacom and TV 18 group had announced a strategic alliance in May this year.
The FIPB also discussed the aggregate direct and indirect foreign shareholding of 74 per cent in Vodafone Essar Limited, which Europe's Vodafone acquired from HongKong-based Hutchison group.
The board also approved a proposal by Mumbai-based Human Value Developers involving a FDI infusion of Rs 235 crore. The proposal relates to the conversion of an operating company into a operating-cum-holding company that would invest in a company engaged in the business of stock broking and also providing various other financial products and services to retail financial investors.
The FIPB also approved a proposal from CR Seals India to bring in an additional Rs 88 crore to design and manufcture industrial bearings and another by Mitsubishi Heavy Industries of Japan to invest Rs 37.35 crore to set up a new joint venture company to manufacture diesel engines.