Govt approves investment in power sector by Asian Genco of Singapore.

New Delhi, Sep 26,2010 (Calcutta Tube) The government has approved 24 foreign direct investment proposals worth Rs.2,727.41 crore, including Rs.1,100 crore investment in power sector by Asian Genco Pte Ltd of Singapore.

Based on the recommendations of Foreign Investment Promotion Board (FIPB), the government has rejected 12 proposals and deferred 22 proposals, an officials statement said Thursday.

Asian Genco’s proposal to set up a company in India with an investment of Rs.1,100 crore has been given the green signal. It will accelerate the company’s investment in power sector in India.

NDTV Lifestyle Holdings’ proposal to raise Rs.186 crore through induction of foreign equity has also been approved. The company plans to raise the money for uplinking and broadcasting of non-news and current affairs programmes.

Other approved proposals include Housing Development and Infrastructure Limited’s plan to raise Rs.747.50 crore for development of residential and commercial projects. The company is involved in slum rehabilitation and airport development.

Jagran Media Network Pvt. Ltd’s plan to raise Rs.225 crore and Kal Media Services Pvt. Ltd’s plan to raise Rs.3,96 crore foreign funds have also been approved.

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