The government on Monday gave its approval for 19 foreign direct investment proposals amounting to Rs 726.88 crore (Rs 7.268 billion), which include Global Broadcast News Ltd's proposal to sell 26 per cent stake for Rs 500 crore (Rs 5 billion).
GBN is a part of media group Network 18.
The proposal of Cyprus-based Dunbay to acquire additional 5 per cent stake in Delhi Stock Exchange for Rs 10.61 crore (Rs 106.1 million) has also been approved.
"The finance minister approved 19 FDI proposals recommended by the Foreign Investment Promotion Board in its meeting held on December 14," said a finance ministry statement in New Delhi.
GBN has proposed to induct up to 26 per cent FDI worth Rs 500 crore, including investment by foreign institutional investors. The broadcaster, which runs English news channel CNN-IBN, had raised around Rs 105 crore (Rs 1.05 billion) from the capital market with an initial public offer early this year.
The company has also announced to set up a joint venture with Jagran Group to bring out a business newspaper in Hindi language.
The government also gave its approval to the UK based-Middlebrough Oils to invest Rs 200 crore (Rs 2 billion) to set up a subsidiary to undertake extraction of crude Jatropha oil from Jatropha seeds.
Daimler Chrysler of Germany has also been allowed to set up a joint venture company to undertake body building of buses.
Mitsui & Co has also been allowed to issue shares in lieu of transfer of liaison office, besides NSK, Japan to set up a subsidiary to undertake cash and carry business. However, the decision on BAG Films' proposals to induct investment through FDI and foreign currency convertible bonds was deferred.
Nortel Networks, Canada, which had approached the FIPB to induct foreign equity, has been asked to follow the automatic route.
