Govt clears 13 FDI proposals worth Rs 657 cr
Finance Minister P Chidambaram approves the proposals on recommendations of the Foreign Investment Promotion Board.business Updated: Apr 22, 2008 20:37 IST
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).