The Government on Thursday approved 24 proposals for Foreign Direct Investments (FDI) in the country worth Rs27.27bn, based on the recommendations of the Foreign Investment Promotion Board (FIPB) in its meeting held on September 10.

The Finance Ministry said that it had cleared a Rs11bn plan by Singapore-based Asian Genco Pte Ltd. to set up an investing company in India.

The Finance Ministry also approved a proposal by Housing Development and Infrastructure Ltd., Mumbai (HDIL) to issue warrants totaling Rs7.47bn.

HDIL is into real estate development, including construction and development of residential projects, commercial and retail projects, slum rehabilitation and development and airport development.

New Delhi-based NDTV Lifestyle Holdings Pvt. Ltd. also received a clearance from the Finance Ministry to induct foreign equity worth Rs1.86bn.

On Tuesday, New Delhi Television Ltd. (NDTV) and a subsidiary of Astro All Asia Networks Plc reached a definitive agreement to create a strategic alliance for lifestyle channels in India.

As per the proposed transaction, South Asia Creative Assets Ltd. (a subsidiary of Astro All Asia) will acquire a 49% stake in NDTV Lifestyle Holdings Pvt. Ltd. (NLHPL) in two tranches, the proposed holding company for NDTV Lifestyle Ltd. by way of subscription of US$40mn. The balance 51% stake in the JV will be held by NDTV.

Meanwhile, the Finance ministry today also cleared a proposal by Kanpur-based Jagran Media Network Pvt. Ltd. to induct foreign equity to the tune of Rs2.25bn into an investing company.

Chennai-based Kal Media Services Pvt. Ltd.'s plan to induct foreign equity worth Rs3.96bn in an investing company also got a green light from the Finance Ministry.

Germany-based Putzmeister Concrete Pumps GmbH received an approval for setting up a wholly-owned subsidiary to undertake manufacturing, marketing and sale of concrete pumps, other related products, besides rendering related after-sales services. The proposal attracts erstwhile Press Note 1 of 2005.

The Finance Ministry deferred 22 proposals, including that of companies such as GMR Airports Holding Ltd., Bangalore, Tata Advanced Systems Ltd., Delhi, Shriram Capital Ltd., Chennai, Lakshmi Machine Works Ltd., Tamil Nadu, Verizon Communications India Pvt. Ltd. and Essar Capital Holdings (India) Ltd., Mumbai.

The Finance Ministry also rejected 12 FDI proposals, including that of companies like Zylog Systems Ltd., Chennai, Karuturi Global Ltd., Bangalore, Advanta India Ltd., Hyderabad, Etisalat DB Telecom Pvt. Ltd., UTStarcom India Telecom Pvt. Ltd. and Siemens Ltd.

Mumbai-based JM Financial Trustee Company Pvt. Ltd. withdrew its proposal and a proposal by Persistent Systems Ltd. was withdrawn from the agenda.

bahahah that will be interesting if the commonwealth games are anything to go by

My post is gone, but I do hope that some read it. Food for thought and more true than not, but the issue is likely not cut as cut and dried as I stated it. There are at least 3 sides to every story. Cheers!!