Rs 576-cr FDI plans cleared

NEW DELHI: The government on Friday approved 17 FDI proposals which will result in an inflow of Rs 575.83 crore.

This includes the Television Eighteen Group (TV18) picking up 50% equity stake in MTV Networks India (MTVI) for Rs 200 crore. MTVI, which is part of media giant Viacom, is engaged in marketing and distribution of TV channels — MTV, VH1 and Nickelodeon.

The deal is part of the strategic alliance between Viacom and the TV 18 Group announced in May this year. That TV18 would directly pick up equity in MTVI was not disclosed at that time. As of now, the existing TV channels are being uplinked from Singapore.

The other cases include a proposal by Mumbai-based Human Value Developers that will bring in Rs 235 crore of FDI. The proposal relates to investment in a company engaged in the business of stock broking and also providing various other financial products and services to retail financial investors.

A proposal by Mitsubishi Heavy Industries of Japan was also cleared, that would pump in Rs 37.35 crore for setting a new JV company to manufacture diesel engines.