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TV 18 Group among 17 FDI proposals cleared

NEW DELHI: The Central Government on Friday cleared 17 foreign direct investment (FDI) proposals worth Rs. 575.83 crore in which two proposals pertaining to electronic media and financial services, including stock broking account for the bulk of the investment.

The proposals were approved by Finance Minister P. Chidambaram on the recommendations of the Foreign Investment Promotion Board. Under the media proposal, Raghav Bahl’s TV 18 Group will invest $50.5 million (about Rs. 202 crore) through its Mauritius-based wholly-owned arm BK Holdings Ltd. for picking up a stake in MTV Networks India. The single largest proposal, however, pertains to Mumbai-based Human Value Developers that envisages an inflow of Rs. 235 crore as FDI into a company engaged in the business of stock broking.

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