FDI plans of Merrill, Citi & Discovery cleared

NEW DELHI: Union Commerce and Industry Minister Murasoli Maran has cleared 39 FDI proposals worth Rs 192 crore.
The cleared proposals include permission to Mauritius-based India Communications Global Partners for acquiring 10 per cent equity in Shyam Telecom for Rs 73.5 crore (including premium) and Singapore Airport Terminal to acquire 49 per cent stake in Taj SATS Air Catering by bringing in Rs 67.17 crore FDI.
The company plans to take up air and institutional catering besides operating restaurants via this joint venture.
Prudentia’s proposal for setting up of a non-fund-based NBFC consultancy services and risk management advisory services with no insurance activity in Mumbai has also been approved. The company will be set up with a 100 per cent foreign stake at a cost of Rs 23.5 crore.
Mauritius-based Discovery Channel and Sony Picture Entertainment have been jointly allowed to market cable satellite channel and provide subscriber management services.
The proposal entails investments by the Indian wholly-owned subsidiary from accumulated profits with equity stake of Discovery and Sony in the ratio of 26:74.
Citibank Overseas Investment Corporation is to increase foreign equity in e-Serve International Ltd from 32.41 per cent to 34.38 per cent by way of acquisition of 12.40 lakh shares from the secondary market.
Merrill Lynch has also been permitted to increase foreign equity stake to 41.03 per cent from the existing level of 40 per cent in its merchant banking outfit. An increase in foreign equity from 71 to 71.03 per cent has been also been permitted in Castrol India.
The change in equity structure with no fresh investments is consequent to the merger of Tata BP Lubricant Castrol.
The proposals were approved by Mr Maran on the basis of recommendations made by the Foreign Investment Promotion Board (FIPB), a release said here.