India Clears FDI Proposals Worth US$479.5 Million
Jul. 28 – India has cleared 18 foreign direct investment proposals amounting to US$479.5 million with the largest investment going to the broadcasting industry.
Transcend Infrastructure Ltd., the wholly-owned Indian subsidiary of American Tower Corporation, is set to invest US$412.51 million to build communication and broadcasting towers, then lease to the broadcasting sectors. Transcend Infrastructure manages wireless communication sites in Bihar, Orissa, West Bengal, Assam and throughout the northeast.
Authorities also approved proposals from meat processing firm Frigorifico Allana to establish a joint venture with an estimated US$26.7 million worth of FDI needed.
Directory publishing company, GETIT Infoservices’ proposal for a US$20.5 million increase in foreign equity stake was approved as well to expand company activities. The company’s business includes publishing yellow pages, white pages directories, classifieds and other mobile media services.