Global Broadcast plan among 19 FDI proposals cleared

New Delhi: Global Broadcast News Ltd’s plan to have up to 26 per cent foreign direct investment was among the 19 foreign direct investment proposals worth Rs 726.88 crore cleared by the Government on Monday.

Global Broadcast News’ proposal entails an inflow of about Rs 500 crore, an official release said here.

The Government also approved the Rs 200-crore investment plan of Middlesbrough Oils UK Ltd to set up a wholly owned subsidiary to undertake extraction of crude jatropha oil from jatropha seeds.

DaimlerChrysler of Germany has also been allowed to set up a joint venture company to undertake bus bodybuilding, while Dunbay Company’s plan to acquire an additional five per cent shares from the Delhi Stock Exchange (Rs 10.61 crore) has also been cleared.

Besides this, the Government has given its nod to a proposal by NSK Ltd Japan to set up a wholly owned subsidiary to undertake wholesale trading in bearings on cash and carry basis, including sales to industrial customers and distributors.

The proposals were cleared by the Finance Minister, Mr P. Chidambaram, based on the recommendations by Foreign Investment Promotion Board (FIPB) in its meeting held on December 14. A proposal of DFS Ventures Singapore involving induction of foreign equity by way of subscription to fully convertible preference shares or compulsorily convertible debentures, has also been cleared.

In two other cases – Ultralife Batteries India, Bangalore and Nortel Networks Ltd, Canada, – the applicants have been advised to access the automatic route.