India approves 26 foreign equity proposals worth $200 mn

March 26th, 2009 - 7:45 pm ICT by IANS  

New Delhi, March 26 (IANS) A proposal from top international events broadcaster Neo Sports and another from the US construction equipment giant John Deere were among 26 applications for foreign investment worth Rs.1,043 crore (nearly $200 million) approved by the government.
Neo Sports seeks to induct foreign equity worth Rs.258.53 crore in its Mumbai-based arm that is engaged in uplinking and broadcast of non-news and current affairs programmes.

The approvals were based on the recommendations of the Foreign Investment Promotion Board (FIPB), an official release said Thursday, adding nine others were deferred and three more rejected.

John Deere seeks to infuse equity worth Rs.84 crore to set up a joint venture in the country to manufacture, market and distribute all types of construction equipment.

This apart, DNATA of the UAE seeks to bring in Rs.84 crore for a joint venture to provide ground handling solutions at airports, as also engage in cargo handling and related services.

This proposal, too, has been given the green signal.

The proposals that were rejected include two from Canada - one from the Bank of Nova Scotia to engage in wholesale trade and hedging of precious metals, and the second from MD group in the hospitality business.

($1 equals Rs.50 approximately)

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