Dish TV, MCX among 18 FDI plans okayed

NEW DELHI: The Finance Ministry on approved 18 FDI proposals, including that of Dish TV and MCX, envisaging foreign investment of Rs 2,126 crore, while referring the application of Unitech Wireless to Cabinet. The proposals were cleared following recommendations of FIPB. However, decision on 16 proposals, including that of Religare Capital Markets and Cordia International Corp, USA, was deferred and 11 were rejected, the Finance Ministry said.

The request of “Unitech Wireless (TN), amounting to Rs 8,250 crore, has been recommended for consideration of Cabinet Committee on Economic Affairs ,” the statement said.

The company is seeking foreign investment to promote its telecom business. FDI proposals envisaging investment of over Rs 1,200 crore and more are referred to CCEA for clearance.

It also said that decision on Vodafone-Essar's request of transfer of shares from resident to non-resident to carry out the activities relating to telecommunication could not be taken as more deliberations were needed.