New Delhi, April 8

The Government on Tuesday cleared 20 foreign direct investment proposals worth Rs 1,962.05 crore, including Rs 924-crore proposal of UTV Software Communications Ltd.

The proposals, approved by the Finance Minister, Mr P. Chidambaram, on the recommendation of Foreign Investment Promotion Board, also include Lafarge India’s plans for merger of Lafarge India Holding Pvt Ltd with Lafarge India Pvt Ltd as per the order of High Court of Bombay. The proposal does not involve a fresh foreign investment inflow, an official release said here.

UTV Software Communications’ entails induction of foreign equity by way of subscribing to equity shares in UTV Software and equity shares and warrants in UTV Global.

Two proposals — Essar Power, Mumbai and AXIS Pvt Equity, Mumbai — have been recommended for consideration of the Cabinet Committee on Economic Affairs as each of these proposals exceeded Rs 600 crore.

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