Govt approves 18 FDI proposals worth Rs 2,245 cr

Jul 23, 2010 |

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New Delhi, July 23: The government today approved 18 foreign investment proposals worth Rs 2,245.32 crore, with the major inflow being accounted for by Transcend Infrastructure for setting up communication and broadcasting towers business.

Transcend Infrastructure (TIL) proposal entails FDI inflow of Rs 1,932 crore, a finance ministry statement said.

The company plans to build, acquire and lease towers for the communications and broadcasting sectors, it added.

Meanwhile, the government has rejected 10 proposals, including those of Mahindra & Mahindra Ltd, INX Media Pvt Ltd, Telcordia Technologies and Siemens Ltd.

Besides, 21 other proposals have been deferred and involve companies like Wipro Ltd, Zee Entertainment Enterprises, Jagran Media Network Pvt Ltd, Essar Capital Holdings (India) Ltd, UTStarcom India Telecom Pvt Ltd and Verizon Communications India Pvt Ltd.

The other proposals cleared include that of Frigorifico Allana Ltd for setting up a JV, involving FDI of Rs 125 crore.

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