On December 3rd 2010, India’s foreign Government has approved 8 Proposals of Foreign Direct Investment amounting to Rs. 883.166 crore approximately, of which only one is from the Telecom and Media domain. Several proposals, including those from Qualcomm for the induction of foreign investment in the group companies which won Broadband Wireless Access spectrum in four circles across India, have been deferred. The details:

Approved:

Alan Dick & Company (India) Pvt. Ltd., Thane, has received an approval in the telecommunications category to undertake “additional activity” relating to infrastructure provider (IP Category I).

Deferred:

– Intel Capital Corporation, U.S.A.: To make investment by subscribing to warrants in an investing company. Remember that Intel Capital recently announced investments in three Indian companies.
– B4U Television Network (India) Pvt Ltd.: Induction of foreign equity by an erstwhile OCB to carry out the business of up-linking a non-news and current affairs TV channel.
– Verizon Communications India Pvt. Ltd.: Transfer of equity shares from non-resident shareholder to non-resident group in Telecom Sector.
– Reliance Broadcast Network Ltd: for Induction of foreign investment by FIIs, NRIs by way of fresh allotment of shares by private placement or otherwise and/or investments through Stock Exchanges by way of portfolio investments, upto the limit of 20% of the total aid up capital of the company. The company is engaged in FM Radio Broadcasting.
– Essar Capital Holdings (India) Ltd., Mumbai: Acquisition of equity shares by way of subscription to new equity shares and/or purchase of existing equity shares in an investing company engaged in the telecom sector.
– Qualcomm: the proposal to allow foreign equity induction for Internet and Broadband services, for four Qualcomm companies has been deferred. The four companies: Wireless Business Services Pvt. Ltd., Mumbai; Wireless Broadband Business Services (Haryana) Pvt. Ltd., Delhi; Wireless Broadband Business Services (Delhi) Pvt. Ltd., Delhi; and Wireless Broadband Business Services (Kerala) Pvt. Ltd., Delhi.
Also read: Qualcomm Brings Tulip, GHC As India LTE Rollout Partners For $28M; Telco Deals In Phase 2

Rejected:

– TV9 (Associated Broadcasting Co. Pvt. Ltd., Hyderabad): The TV broadcasting entity was looking at a merger proposal to issue and allot compulsory convertible preference shares on the date of completion of the merger.

Source: Press Release