NEW DELHI, NOVEMBER 24: The Centre has approved four FDI proposals worth ₹93.81 crore which include ones from Oxford University Press and Dr Reddy's Laboratories. Four FDI proposals were rejected, which included three in the defence manufacturing sector, while eight others were deferred. The decisions were taken based on the recommendations of the Foreign Investment
Promotion Board (FIPB), which met on October 27.
Oxford University Press had sought approval for setting up of a wholly-owned-subsidiary in India with an initial authorised and paid up share capital of ₹1,00,000. Over a period of time it seeks to make foreign direct investments by way of subscription to compulsorily convertible preference shares, compulsorily convertible debentures and equity shares. The proposal worth ₹44.41 crore was approved.
The government also approved Quintillion Business Media Private Ltd’s proposal worth ₹13.4 crore for issuance of equity shares to Bloomberg LP for up-linking of ‘news & current affairs’ TV channels.
Dr Reddy’s Laboratories’ ₹36-crore proposal to acquire Imperial Credit Private Ltd, an Indian NBFC, was also given the go-ahead.
The fourth approval was given to BMJ Group lndia Pvt Ltd in the publication sector.
The three defence manufacturing companies that had their FDI proposals rejected include Harris Communications Systems lndia Pvt Ltd, Schoeller Technologies lndia Pvt Ltd and Barracuda Camouflage Pvt Ltd.
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