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The Government has formally approved Sony’s proposal to induct foreign equity worth Rs 545 crore in its television arm Multi Screen Media while deferring a decision on Hindustan Coca Cola Beverage’s proposal for delayed redemption of preference shares in favour of its holding company.
The Finance Ministry gave a go-ahead to all FDI proposals made by nine investors worth Rs 1,140.14 crore approved by the Foreign Investment Promotion Board at its meeting on January 21, an official release said.
Swedish furniture maker Ikea’s proposal to invest Rs 10,500 crore in its Indian venture has been referred to the Cabinet Committee of Economic Affairs by the Finance Ministry in line with the policy requirement of getting all FDI proposals over Rs 1,200 crore approved from the higher authority.
The approved projects also include Mahindra’s proposal to induct foreign equity worth Rs 80.41 crore to carry out the business of insurance broking, Singapore-based Lagardere Services proposal to invest Rs 53.87 crore to set up an investing holding joint venture company and Security & Intelligence Services Ltd’s proposal to bring in foreign money worth Rs 82.90 crore and Zee Network owned Wire & Wireless Companies’s proposal to issue warrants worth Rs 324 crore to carry out the business of Cable Network Business.
Sony wants an additional Rs 545 crore for induction of foreign equity to carry out the business of production of television programmes in India languages primarily for export, sale and distribution of Indian language audio visual production, the release said.
The Finance Ministry has gone by the FIPB’s advice to defer a decision on Hindustan Coca Cola Beverage’s proposal for delayed redemption of preference shares in favour of its holding company Hindustan Coca-Cola Holding (HCCH) as it may seek the RBI’s views on the proposal, a Government Official said.
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