Govt approves 32 FDI proposals worth Rs 250 crore

NEW DELHI: The government on Monday approved 32 proposals, including one by US entertainment major Walt Disney Company to launch a TV channel, which will collectively bring in foreign investments of Rs 249.81 crore.

The proposals, cleared by Finance Minister P Chidambaram on the recommendation of Foreign Investment Promotion Board, also included auto giant Honda Motor Co's plan to infuse Rs 10 crore for setting up a wholly-owned subsidiary for spare parts and other areas.

US-based Walt Disney will induct foreign capital worth Rs 140.62 crore by way of acquisition of equity and convertible preference shares from the existing shareholders of United Home Entertainment, an official statement said.

The proposal relates to entertainment TV channel targeted at kids with permission to uplink from India.

US-based Beekman Helix India Partners will infuse Rs 45 crore for making investments in Indian real estate companies.

Volvo Bus Corporation will bring in Rs 27.20 crore for setting up a new joint company to carry on the business of assembly, export and sale of bus and coaches bodies.

The government has taken note of direct and indirect foreign investment of 58.15 per cent by Hutchison Telecom (India), Mauritius, in its Indian cellular joint venture company Hutchison Essar.

Similarly, the government took note of direct and indirect foreign direct investment by FIIs and NRIs in Reliance Telecom.

Besides, Deccan Chronicle Holding Ltd has got capital inflow of Rs 6.40 crore, which increases foreign equity from 10 per cent to 24 per cent.