14 FDI proposals worth Rs 826 crore cleared

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New Delhi, May 29:: Fourteen FDI proposals worth Rs 826 crore including Rs 278 crore by Havells India Ltd, has been cleared by the Government.

FM P Chidambaram, on the recommendation of Foreign Investment Promotion Board (FIPB), also cleared Mumbai-based Fox Star Studios' plan for induction of foreign equity up to 100 per cent in a domestic company for production of movies.

This proposal would bring in foreign investment of Rs 9.90 crore.

The FDI proposal of Noida-based electrical appliances company was for issue of shares and warrants convertible into shares, an official released said.

Laqshya Media's plan for induction of foreign equity by way of allotment of equity shares and conversion of warrants into equity shares for consideration of Rs 276.25 crore was also cleared.

Chidambaram also approved Rs 8 crore proposal of Mauritius-based EFX Holdings Ltd for picking up to 49 per cent stake in a company engaged in credit information services.

The FIPB rejected a proposal of Federal Mogul Corporation of the US to set up a new wholly-owned subsidiary to undertake manufacturing, distribution and sale of sealing products and gaskets.