Govt clears 13 FDI proposals worth Rs 657 cr

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

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.

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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).