The Indian government has approved 5 proposals of Foreign Direct Investment (FDI) valued at approximately Rs 2537.05 crore, based on the recommendation of the Foreign Investment Promotion Board (FIPB) last month. The telecom and media companies which have received approvals from the FIPB are: Today Magazines: India Today Group’s Today Magazines Lifestyle has received FIPB approval to get Rs 2.05 crore or a 49% investment from Cooperatief International Publications Holding via transfer. Compatel India Pvt Ltd: Compatel has got an approval for foreign equity participation of 100% of Rs 2.40 crore. Compatel India’s proposal for foreign equity participation of 100% had been deferred, in April this year. The same proposal by the company had been deferred in March this year as well. Very little information is available about this Mumbai-based company, and it doesn’t seem to have a website either. The broadcasting and telecom companies deferred by the government include: INX Music Private Limited: Music content aggregator and distributor INX Music Private Limited, proposed to undertake broadcasting of a non news and current affairs channels in Indian languages, and merge 9X Jhakaas Marathi Channel into INX Music Pvt Ltd. This proposal was also previously deferred by the FIPB earlier this year. Eros International Media Limited: Its proposal to make a downstream investment by acquisition of shares of company (non cash consideration) in an unnamed company was deferred. NTT Communications India: NTT's proposal to make a downstream investment in an Indian company yet to be incorporated, for carrying out the telecom services, increasing foreign investment limit…
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