Proposals were cleared on recommendation of Foreign Investment Promotion Board
Picture for representational purpose
New Delhi: In a series of foreign investment clearances, foreign ministry has approved 22 FDI proposals worth around Rs 4,000 crore.The finance ministry has cleared these proposals on the recommendation of the Foreign Investment Promotion Board (FIPB) which had held a meeting on August 1.
It has given clearances to Norway-based Telenor, through Telenor South Asia Investment Pte (Singapore), to increase its stake in telecom service provider Uninor to 100 per cent from the current 74 per cent. The proposal involves FDI of Rs 781 crore.
The other telecom proposal which got clearance is for enhancement of foreign equity participation in Netmagic Solution Private, a telecom company, from 74 percent to upto 81.63 per cent by NTT Communications, the foreign parent. It involves FDI of Rs 575 crore.
Also in the telecom space, there is the proposal of Tikona Digital Networks to increase foreign equity participation from approval level of 72.58 to 73.76 per cent by issuing compulsorily convertible debentures (CCDs) and/ or equity shares to International Finance Corporation and other existing non-resident investors. It involves FDI of Rs250 crore.
( Source : dc correspondent )
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