FIPB to take up 29 FDI proposals next week

The government will consider 29 foreign direct investment (FDI) proposals, including that of Walt Disney Company and Vodafone Essar, at its meeting next week.

The meeting to be chaired by Economic Affairs Secretary R Gopalan on September 30, would take up the Walt Disney Company (Southeast) Asia Pte Ltd' proposal, which seeks to increase its shareholding in a joint venture firm to 100% from the present 48.02%.

The joint venture firm is engaged in film distribution, content development and downstream broadcasting business.

Last month, the Competition Commission of India (CCI) had cleared the proposed merger of media and entertainment firm UTV Software Communications with Walt Disney (Southeast Asia) at about Rs 2,000 crore.

Further, the board would also take up the request of Vodafone Essar to induct foreign equity by way of transfer of shares from "Resident to Non-Resident" to carry out activities relating to telecommunication.

Proposal of 9X Media Pvt Ltd to increase foreign equity participation to up to 100%, from from 80% is also on the agenda.

Decision on these three proposals was deferred by the FIPB in its last meeting on September 2.

FIPB approves FDI proposals that are not permitted under the automatic route. Various ministries like Home Affairs, Information & Broadcasting, Economic Affairs as well as the Department of Industrial Policy and Promotion (DIPP) will participate in the process of approving foreign investments.

In the last meeting, the board under the Finance Ministry had cleared 12 proposals for foreign direct investment in the country worth Rs 242.88 crore.