FDI worth Rs 400 cr cleared

The company has also beenallowed to increase its product range items like cheese, cottage cheese and confectionary. However, sources said the company will not be allowed to manufacture items which are reserved for small-scale industries. The board, which had many high-profile media and advertising proposals like RK Swamy Advertising, Mudra Communications, Discovery Channel and United Entertainment Network on its agenda, decided to postpone these proposals pending policy decision on foreign investment in media.

Another proposal by Kalyani Coke and Cogeneration Pvt Ltd to set up a 200mw power project in Karnataka using imported Australian metallurgical coke was deferred by the board for a week. The project with a Rs 330-crore FDI envisages 65 per cent foreign equity from Tenaska Internation Energy, Mauritius. The board cleared Machino Polymer’s proposal to sell equity of face value of Rs 4.3 cr to its technology partner Montel North America. The total cost of the acquisition, including premium on equity and issuance of preferenceshares, will be around Rs 23 crore. Another proposal by House of Wax India Ltd to offer 24% stake to Apollolys APS Denmark was also cleared.