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FIPB: Bloomsbury Approved, G’Five Rejected, Sify’s Stake Sale Deferred & More

The Indian Government has approved 25 proposals of Foreign Direct Investment (FDI) valued approximately at Rs 2973.40 crore based on the recommendation of the Foreign Investment Promotion Board (FIPB).

Among the Internet, Mobile and Media proposals, UK-based Bloomsbury India UK Limited’s proposal of inducting foreign equity to carry out publishing/printing of books on fiction and non-fiction, electronic publishing, wholesale & retail trading, periodicals books, academic, research and other journals and directories has been approved. The company has received an approval for an investment of up to Rs 9.38 crores.

Among the proposals which has been deferred by the government till later include:

– MF Global Sify Securities India Pvt. Ltd: To increase foreign equity participation to carry out the business of commodity broking and Stock broking.

Den Networks Ltd: To induct foreign investment from unidentified investors.  The company is currently engaged in the business of cable distribution segment and internet services and is acting as an operating and holding company.

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Netmagic Solutions Pvt. Ltd: To increase the foreign equity upto 74 percent and bring in a new foreign collaborator to undertake the business of Internet Service Provider with gateways. The government had previously deferred Netmagic’s proposal in January 2011 and April 2012.

Among the rejected proposals, the Government has rejected Munoth G’Five Telecom’s proposal of inducting foreign equity to carry out the business of whole sale distribution of mobile phones, laptops, pads and value added service for mobile phones. The government had previously rejected a similar proposal in November 2011.

Related:

FIPB Update: Cellcast Launching Three New Channels; Network18 & Netmagic
Amazon Gets FIPB Nod For Setting Up Courier Service In India
FIPB: Unitech Wireless FDI Proposal Sent To CCEA; NDTV Lifestyle, Dish TV India & Sprint

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