FinMin approves Eros? proposal for setting up LLP with Rs 50 lakh FDI

NEW DELHI: The Government has cleared Eros International Media?s proposal of setting up a Limited Liability Partnership (LLP). The approval followed recommendation of the Foreign Investments Promotion Board (FIBP) and will involve a foreign direct investment (FDI) of Rs 49.90 lakh.


The government cleared as many as 11 FDI proposals worth Rs 1,567.91 crore, including that of Eros International Media. 


Additionally, approval was also granted to Amar Ujala Publications Limited for foreign shareholding in the company up to 26 per cent of the post issue paid up equity share capital pursuant to proposed initial public offering - issue of equity shares to FIIs/FPIs/NRIs and transfer of 26,90,234 shares by existing shareholders for an aggregate consideration of Rs 50 crore.


Meanwhile, the FIPB listed as a table item for approval a proposal by Today Magazines Lifestyle Private Limited for foreign investment of 49 per cent by Cooperative International Publications Holding through transfer and further issue for an aggregate consideration of Rs 6.17 crore.


The FIPB rejected the proposal by Bean Media Group Pty Ltd, which sought approval to set up a wholly owned subsidiary in India for publishing specialty magazines.


On the other hand, the Cabinet Committee on Economic Affairs (CCEA) will take a final call on Rs 13,200 crore FDI proposals of Sistema Shyam TeleServices and IIFL Holdings, which have been referred to it for consideration by FIPB. While Sistema Shyam TeleServices? proposal is for FDI of Rs 10,000 crore, IIFL Holdings?s is that of Rs 3201.5 crore.

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