Finance Minister approves 20 FDI proposals

The Finance Minister P Chidambaram has approved the recommendation of Foreign Investment Promotion Board over 20 foreign direct investment (FDI) proposals. These proposals will bring in Rs. 1,962 crore including Rs 924 crore by UTV Software Communications, according to media reports. The FIPB has, however, deferred its decision on eight FDI proposals, including that of Singapore-based Delight Investments offer to invest in a Hindi-language newspaper group. The board has recommended a proposal by Essar Power and Axis Pvt Equity to the Cabinet Committee on Economic Affairs.