NDTV, Shell FDI proposals okayed

NEW DELHI: The government on Monday cleared 18 foreign direct investment proposals involving Rs 118.93 crore including Standard Chartered Private Equity''s plan to pick up 14.35 per cent stake in NDTV for Rs 52.88 crore.
The FDI proposals, approved by Finance Minister Jaswant Singh following the recommendation from Foreign Investment Promotion Board, also include Shell International''s plan to set up a wholly-owned subsidiary in India for Rs 14 crore.
Most of the FDI proposals pertain to chemicals, power, petrochem, IT and broadcasting, an official release said.
NDTV plans to offer 14.35 per cent stake to Mauritius-based Standard Chartered Private Equity for Rs 52.88 crore. The company operates in the area of production and broadcast of news, current affairs, entertainmnent and distribution of news content.
Shell plans to set up a 100 per cent subsidiary in India for production of bitumin and related products. The UK-based energy giant would invest Rs 14 crore for the new company.
GMR Group plans to set up a 200 MW power plant with foreign funding worth Rs 35 crore.
Among the other proposals cleared today was one by global advertising leader Dentsu Inc to set up a joint venture company in India with Rs five crore investment. The JV will be signed with Mumbai-based Mogae Consultants.
Also, the GMR Vasi Group has been permitted to bring in Rs 35 crore worth of FDI for restructuring the foreign equity within the approved percentage of foreign equity for setting up a power plant in the country.
Malaysian firm B Braun Medical Industries has been allowed to invest Rs 5.5 crore in transferring shares from resident to non-resident shareholders in its Indian operations.
Government has also cleared Xerox Corporation''s proposal to directly sell office automation equipment on cash and carry wholesale basis.