Govt approves 19 FDI proposals worth Rs 4,340cr
Tata Steel, the world's No 7 steelmaker, has received government approval to raise Rs 1100 crore through issue of warrants to overseas investors, the Press Information bureau said in a statement on Thursday.
January 13, 2011 / 16:49 IST
Tata Steel, the world's No 7 steelmaker, has received government approval to raise Rs 1,100 crore through issue of warrants to overseas investors, the Press Information Bureau said in a statement on Thursday.
The government has approved 19 foreign direct investment proposals worth about Rs 4,340 crore, it added.It also approved a proposal by EADS Deutschland GmbH and Larsen & Toubro for induction of 26% foreign equity for defence production, entailing FDI inflows worth Rs 7.8 crore.Textile machine maker Lakshmi Machine Works has also received an approval to manufacture aircraft and spacecraft parts, components and accessories, PIB said.Karur Vysya Bank has been allowed to raise Rs 1,080 crore by issuing partly paid-up shares while PVC products maker Responsive Industries has received approval to issue warrants worth Rs 1.75 crore, it added.A proposal by ABG Shipyard to enter into defence contracts and another by Reliance Broadcast Network to allow foreign investment into equity have been deferred, PIB said in the statement. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
