Govt clears 13 FDI proposals worth Rs 657 cr | business | Hindustan Times
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Govt clears 13 FDI proposals worth Rs 657 cr

business Updated: Apr 22, 2008 20:37 IST

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Government has cleared 13 foreign direct investment proposals that will bring in Rs 657.01 crore, including Rs 199 crore by US-based financial services provider Goldman Sachs.

Finance Minister P Chidambaram has approved the proposals on recommendations of the Foreign Investment Promotion Board.

The proposal of Goldman Sachs, a non-banking financial company, is for subscribing to preferential equity shares or compulsorily convertible preference shares.

Among the approved proposals, Bangalore-based logistics and courier service provider VRL Logistics Ltd plan to sell equity to foreign partner for a consideration of Rs 225 crore through public offer.

Zoom Entertainment Network offers to bring in Rs 120 crore through induction of foreign equity. The company is engaged in up-linking and broadcasting non-news and non-current affairs television channels promoted by Bennett Coleman Company Ltd (BCCL).