FIPB clears 28 proposals worth Rs 224.42 cr

NEW DELHI: Finance Minister Jaswant Singh on Tuesday cleared 28 foreign investment proposals totalling Rs 224.42 crore, including IndusInd Media''s plan to invest Rs 63 crore in its cable business in the country.
Mauritius based IndusInd Media will convert optionally convertible preference shares into equity besides issuing fresh equity to foreign investors, according to an official statement.
Also, Rs 100 crore investment plan of Singapore-based Vijaydimon Pte for trasferring shares from resident to non-resident as well as issuing fresh equity were cleared by the Finance Minister.
The proposals cleared today were recommended by the Foreign Investment Promotion Board and pertain to chemicals, petrochem, auto component, IT and broadcasting sectors.

Among the other proposals cleared include Bausch & Lomb''s open offer and Moody''s Mauritius'' plan to hike foreign equity to beyond 31 per cent. IBM World Trade Corp wanted to alter royalty payment terms while Yahoo! Inc would convert Indian operations into a wholly-owned subsidiary.
Enercon GmbH has been permitted to set up a joint veture operation in India with envisaged FDI of Rs 10.56 crore.