Jet Airways, Powergen among FDI proposals

By Our Special Correspondent

NEW DELHI, JUNE 13. The Government today cleared 29 cases of foreign direct investment estimated at Rs. 429 crores including proposals by Jet Airways and Powergen to issue preference shares abroad.

The proposals which were approved by the Commerce and Industry Minister, Mr. Murasoli Maran, on the recommendations of the Foreign Investment Promotion Board (FIPB) cover a wide array of sectors including computer software and data processing, children's education and readymade garments export.

The largest investment proposal cleared was that of Powergen India which had sought to issue equity preference shares valued at Rs. 300 crores.

The company which is the Indian subsidiary of the U.K.-based Powergen plans to raise the funds for activities related to operation and maintenance of plants in the energy and related sectors.

In the case of Jet Airways, the company's proposal envisages issue of non-voting cumulative convertible redeemable preference shares for Rs. 66 crores.

Enron India's proposal to enter the area of liquid natural gas (LNG) infrastructure associated with power plants and industrial consumers has been cleared.

Similarly, Indusind Media and Communications has been allowed to amend an existing approval allowing the company to set up a TV network for distribution of multi-channel information and entertainment packages and other value added services.

In the education sector, Ms. Patricia McNulty of New Zealand has been allowed to make a 50 per cent equity investment in a children's education project.

India Incubator has also been given permission to invest Rs. 21.75 crores. The company is engaged in the development, promotion and marketing of websites including e-commerce and computer consultancy business.

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Section  : Business
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