Climate favourable for FDI, Flag, Crest, You & Netmagic in queue

MUMBAI: The business climate seems to be favourable for more and better inflow of foreign direct investments into India. As the government took steps to improve ease of doing business and relax regulations, foreign direct investment into India grew by 60 per cent to US$ 4.68 billion in November 2016 as compared to US$ 2.93 billion the previous November.

Star Den Media Services and Idea Cellular are among six proposals recently cleared by the government for receiving foreign direct investment (FDI) of around Rs 1,200 crore.

Among the proposals that have been deferred for further discussions are -- Flag Telecom Singapore Pte Limited, Crest Premedia Solutions Pvt. Ltd, You Broadband India Limited and Netmagic Solutions Pvt. Ltd. Flag Telecom is an indirect wholly-owned subsidiary of Reliance Communications (RCom).

A proposal by M/s Crest Premedia Solutions Pvt. Ltd seeking approval for issuance of equity shares to the non-resident shareholders of M/s Springer SBM Holding Ltd., a Mauritius Company under a Scheme of Amalgamation was also deferred. 

M/s You Broadband India Limited had sought post facto approval for acquisition of 9,79,875 equity shares of its downstream company M/s Digital Outsourcing Private Limited (DOPL) in lieu of issue of 20,58,759 equity shares to its resident shareholders by way of swap of shares but this was deferred.

A proposal by Netmagic Solutions Pvt. Ltd for the increase in the shareholding of NTT Communications Corporation, Japan in the company from 81.63 per cent to 100 per cent was deferred.

Cumulatively, India attracted US$ 32.49 billion foreign inflows in April-November period of the current fiscal as against US$ 24.81 billion in the same period previous year.

The main sectors which have attracted foreign inflows during the eight months period of 2016-17 include telecom (US$ 5.47 billion) and information & broadcasting (US$ 1.06 billion).

Foreign investments are considered crucial for India, which needs around US$ 1 trillion for overhauling its infrastructure sector such as ports, airports and highways to boost growth.

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Idea, Star Den among Rs-1200 cr FDI proposals approved; latter to switch to investing biz

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