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FIPB clears Shell, Star News investments

By Our Special Correspondent

NEW DELHI OCT. 29. Petroleum giant Shell and Star News Broadcasting Ltd. have received clearance from the Foreign Investment Promotion Board (FIPB) for making investment in India. In fact, Shell's proposal for an investment of Rs. 460 crores forms the bulk of the Rs. 492 crores worth of foreign direct investments that have been cleared by the Union Finance Minister, Jaswant Singh.

The Rs. 460-crore proposal from wholly owned members of the Royal Dutch Shell Group is for creating a retail marketing infrastructure in the country for transportation of fHuels. Shell is among the foreign petroleum companies which have been allowed into retail marketing of petroleum products in India.

The proposal from Star News Broadcasting is for a Rs. 16.25 crore investment in Media Content and Communications Services (India) Ltd. to pick up 26 per cent equity in the company, which manages the Star News 24-hour news channel.

The other proposals cleared by the Government pertain to sectors such as chemicals and petrochemicals, mines and cash and carry wholesale trading. However, the investments proposed are marginal as a total of 21 such proposals are involved.

Among these is a proposal for initial public offering to non-residents including foreign institutional investors, non-resident Indians and foreign nationals from the New Delhi-based Indraprastha Gas Limited, which is involved in the distribution and sale of compressed natural gas to the transport sector and piped natural gas to domestic and commercial customers.

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