The Hindu Business Line : Zee Tele, Citicorp proposals among 34 FDIs cleared

THE Government on Tuesday cleared Zee Telefilms' proposal to issue Foreign Currency Convertible Bonds (FCCB) worth Rs 480 crore to British Virgin Island-based Delgrada Ltd and Mauritius-based Wakefield Holdings Ltd.

A total of 34 foreign direct investment (FDI) proposals were cleared by the Minister for Finance and Company Affairs, Mr Jaswant Singh, involving FDI worth Rs 617.28 crore.

The UK-based investment company Pearson Overseas Holding Ltd's plan to acquire 13.85 per cent stake in Business Standard involving FDI worth Rs 8.37 crore has also been approved by the Minister.

The Germany-based RI Metering GmbH's proposal to invest Rs 40.80 crore in Elster Metering Private Ltd engaged in manufacturing low tension switchgear products has been cleared.

Citicorp International Finance Corporation's plan to invest Rs 35.27 crore in sponge iron manufacturer Monnet Ispat Ltd resulting in increase in foreign holding in the company from the existing 5.40 per cent to 19.56 per cent has also been cleared.The Mauritius-based Tiara Investment Holdings Ltd's plan to increase non-resident equity in DCM Estates and Infrastructure Ltd from 32.5 per cent to 59 per cent involving Rs 26 crore has also been cleared.

The Mauritius-based Covanta Energy India Ltd's plan to increase its stake in Great Eastern Energy Corporation from the existing 50 per cent to 100 per cent involving FDI worth Rs 20 crore has been cleared.

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