India approves 26 foreign equity proposals worth $200 mn

September 23rd, 2009 NEW DELHI - The government has approved 13 foreign investment proposals worth Rs.393.62 crore, including Sterlite Technologies' plan to issue and allot warrants valued at Rs.103.95 crore on preferential basis, an official statement said Wednesday. "Based on the recommendations of the Foreign Investment Promotion Board (FIPB) in its meeting held on September 11, government has approved 13 proposals of foreign direct investment amounting to Rs.

September 16th, 2009 NEW DELHI - Stating that the revival plan for cash-strapped national carrier Air India was well on track, Civil Aviation Minister Praful Patel Wednesday said that his ministry will shortly seek cabinet approval for equity infusion into the airline. "There are two issues concerning Air India.

September 10th, 2009 NEW DELHI - The Union Cabinet today approved the proposal of the Department of Industrial Policy and Promotion, Ministry of Commerce and Industry for the formation of a company 'Invest India' under Section 25 of the companies Act, 1956, for promotion of foreign investments during the XI Five Year Plan. The proposed company which will be a joint venture between the Government of India, Federation of Indian Chambers of Commerce and Industry and the State Governments will be responsible for promoting Foreign investments into the country in a more focussed, comprehensive and structured manner.

September 8th, 2009 NEW DELHI - The government Tuesday approved nine foreign investment proposals worth Rs.74.61 crore on the recommendations of the Foreign Investment Promotion Board (FIPB). However, the board rejected the proposal of Goldman Sachs for waiving off the Press Note 1 that stipulates government approval for new foreign investment proposals or technical collaboration where the foreign investor already has a joint venture in the same or allied field.

August 18th, 2009 NEW DELHI - The government Tuesday cleared 10 foreign direct investment (FDI) proposals worth Rs.1,123 crore ($230.5 billion), including one by DishTV to raise Rs.750 crore through convertible bonds. Vijay Mallya-promoted United Breweries' proposal to issue convertible warrants worth Rs.219 crore also got the Foreign Investment Promotion Board's (FIPB) approval.

August 14th, 2009 NEW DELHI - The civil aviation ministry has sought the cabinet's nod for Air India to float tax-free bonds worth Rs.5,000 crore ($1 billion) and fresh equity from the government to fund its fleet expansion plans and other expenses. The ministry said the bonds were necessary for the ailing state-run carrier, struggling to stay afloat after having accumulated losses worth $2 billion, to meet its expenses during the ongoing five year plan that ends 2011-12, officials said.

July 17th, 2009 NEW DELHI - The government Friday cleared 16 foreign direct investment (FDI) proposals valued at Rs.891.71 crore, the bulk of them for by a power project, the government said Friday. The proposals were cleared on the recommendations of the Foreign Investment Promotion Board (FIPB), which met here July 10, a finance ministry statement said.

July 1st, 2009 NEW DELHI - The government Wednesday approved 21 foreign investment proposals amounting to Rs.84.9 crore ($17.78 million). Prominent among the proposals approved by the Foreign Investment Promotion Board (FIPB) is one by Germany's BASF, which plans to invest Rs.63 crore to manufacture speciality chemicals and trade in commoditised products.

June 2nd, 2009 SHIMLA - The Himachal Pradesh government has cleared nine industrial proposals worth Rs.256.99 crore, including one of Essar Group, Chief Minister Prem Kumar Dhumal said here Tuesday. "We have cleared proposals of nine industrial houses, including Essar Group, Paragon Knits, Gujarat Flour Chemical, UB Biscuits and Wind Turbine Equipment," he told reporters.

April 27th, 2009 NEW DELHI - The government has cleared 22 foreign investment proposals worth Rs.541 crore, including a Rs.237.2-crore project of Mumbai-based telecom company Tikona Digital Networks, the finance ministry said Monday. Kolkata-based water infrastructure company Electrosteel Castings and Anant Raj Industries are also among the companies whose projects got the government nod.

March 4th, 2009 NEW DELHI - A proposal from global hospitality major Accor to set up budget hotels in India is among the 28 foreign direct investment (FDI) proposals worth Rs.6.16 billion (Rs.616.08 crore/$119 million) cleared by the government, an official statement said Wednesday. Accor, which has 4,000 hotels across the world from economy to upscale, has made an investment of Rs.3.66 billion to develop and manage budget hotels under the name 'Formule 1'.

February 16th, 2009 NEW DELHI - India Tuesday notified the detailed norms on what constitutes foreign equity in companies that operate in sectors with a cap on overseas investment, after the cabinet rationalised the procedures last week to attract more foreign capital. A press note issued by the commerce ministry says foreign investment of any form in a holding company - equity, preference shares, investments by foreign funds, convertible bonds, American depository shares or global depository receipts - will be considered foreign equity.

February 10th, 2009 NEW DELHI - India's cabinet Wednesday relaxed norms governing what constitutes foreign equity in companies that operate in sectors that have a cap on overseas investment in a bid to rationalise procedures. Announcing the cabinet decision, based on the advice of an empowered group of ministers, Home Minister P.

February 10th, 2009 NEW DELHI - The leading global media house Dow Jones has been permitted to publish facsimile editions of its flagship Wall Street Journal and Wall Street Journal Asia in India, an official statement said Wednesday. The information and broadcasting ministry said the newspapers will be brought out by Wall Street Journal India Publishing Private limited, a wholly owned subsidiary of Dow Jones and Company Inc, USA.

January 27th, 2009 NEW DELHI - A proposal from Dow Jones to publish facsimile editions of its newspapers and magazines like The Wall Street Journal and the Far Eastern Economic Review, are among 30 others approved by the government, an official statement said Wednesday. The proposals approved include those from Morgan Stanley, CMS Computers and Bridgestone and are collectively expected to bring in foreign exchange worth Rs.12.78 billion (Rs.