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FIPB: Tikona, Netmagic & Telcordia approved; Indius Broadband deferred

The Indian government has approved 22 proposals of Foreign Direct Investment (FDI) valued approximately at Rs 3,951.61 crore, based on the recommendation of the Foreign Investment Promotion Board (FIPB) earlier this month. Among the Internet, Mobile and Media companies which has received approvals from the FIPB include: - Tikona Digital Networks: To increase the foreign equity stake to 73.76% from 72.58% by issuing compulsorily convertible debentures (CCDs) and/or equity shares to International Finance Corporation and other existing foreign investors. The company has received an approval for an investment of up to Rs 250 crore.  Note that Tikona had also received an approval to raise Rs 248 crore through Foreign Direct Investment (FDI) and increase the foreign equity stake in the company up to 72.58% in January this year. Tikona currently has investors like Goldman Sachs, Oak Investment Partners and Everstone Capital Advisors. -  Netmagic Solutions Private Ltd: To hike NTT's stake in the company to 81.6345% from the existing 74% through an investment of Rs 575 crore. NTT had earlier raised its stake in Netmagic to 74%, following the FIPB approval to invest Rs 182.8 crore for this purpose in July 2012. - Telcordia Technologies Inc: To increase its stake in its joint venture MNP Interconnection Telecom Solution India (MITS India) to 100% from the existing 74%. The company has received an approval for an investment of Rs 7.25 crore for this purpose. Telcordia had picked up 74% stake in MITS in 2009 and was itself acquired by Ericsson in 2011 for $1.15 billion. MNP Interconnection Telecom Solutions India currently has a five-year mandate to manage India’s…

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