Published on Wed, Nov 18, 2009 at 15:43 | Source : CNBC-TV18
Updated at Wed, Nov 18, 2009 at 15:53
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Govt approves 17 FDI proposals worth Rs 1159cr
The Foreign Investment Promotion Board has rejected a proposal by the Jaipur IPL Cricket Pvt to induct 100% foreign equity by issuing shares for a non-cash consideration.
The Foreign Investment Promotion Board has rejected a proposal by the Jaipur IPL Cricket Pvt to induct 100% foreign equity by issuing shares for a non-cash consideration. While approving 17 foreign direct investment proposals worth Rs 1,159 crore at its October 30 meet.
FIPB also recommended the Jet Airways Rs 2000 crore qualified institutional placement and a Rs 2,500 crore fund investment by Indium Holdings to the Cabinet Committee of Economic Affairs for its approval.
It again deferred decision on the proposed transfer of equity from resident Indians to non-residents in Scorpios Beverages and AG Mercantile, which are both investors in Vodafone Essar.
It also deferred a proposal by JM Financial to induct foreign equity in a company engaged in asset reconstruction and a Mercer Inc proposal to set up an insurance joint venture, as the proposal attracts Press Note 1, 2005.
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