The government has cleared Agrani Satellite Services' proposal to offer 74 per cent stake to a foreign partner, involving a foreign direct investment (FDI) of Rs 354.31 crores for operating satellite communication systems.
This was among 88 FDI proposals worth Rs 980 crores cleared by the government today. The cases were cleared by the union commerce and industry minister, Murasoli Maran, following recommendations of the foreign investment promotion board (FIPB) which met last week after a gap of almost two months.
The government also cleared HFCL-Nine Broadcasting India's proposal to induct Rs 5.9 crores worth of FDI. The company set up as a joint venture between Australian media baron Kerry Packer and Mahendra Nahata-promoted HFCL will develop television software, etc. The application was pending approval for more than three months.