In a major foreign direct investment proposal pertaining to the print media, the Centre on Friday permitted the Dublin-based Independent Printing Company Ltd. to join hands with the Kanpur-based Jagran Prakashan Pvt. Ltd. for printing and publishing newspapers and magazines. The proposal entails the induction of 26 per cent foreign equity in Jagran Prakashan resulting in an inflow of Rs. 150 crore as foreign direct investment (FDI).
Another FDI proposal approved by Union Finance Minister P. Chidambaram is that of Metso Paper Inc. of Finland, which has been allowed to set up a wholly-owned subsidiary (WoS) called Metso Paper (India) with an investment of Rs. 88 crore for on-site assembly, installation and commissioning of paper and pulp mill projects.
These two major FDI proposals are among the 37 projects approved by Mr. Chidambaram on the recommendation of the Foreign Investment Promotion Board. The proposals approved entail Rs. 354.35 crore as FDI.
Graninter S.A. of France has been permitted to trade and export granite blocks, slabs, tiles and other related stone products through its Indian outfit in Chennai. Another proposal cleared pertains to that of the Singapore-based Alexandra Fund Management Pte. Ltd. which proposes to set up an asset management company.
Thomson Holdings B.V. of the Netherlands has got the go-ahead to set up a 100 per cent WoS with an FDI of Rs. 13.2 crores for wholesale trading of learning products. Carlsberg Breweries of Denmark has received consent to set up a 100 per cent WoS for the import and "cash and carry" wholesale trading of Carlsberg beverages.
