The Telegraph
Since 1st March, 1999
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Business Briefs

FDI worth Rs 82 cr cleared

New Delhi, Nov. 5: The government today cleared 15 foreign direct investment (FDI) proposals worth Rs 82.42 crore. The largest FDI approved was a proposal by Mauritius-based venture Infotek to invest Rs 50 crore to set up two new companies for the development of computer software. US- based Hughes Network Systems has been allowed to acquire up to 20 per cent additional foreign equity in its Indian subsidiary, Hughes Software Systems Ltd. The proposals have been cleared by finance minister Jaswant Singh as recommended by the Foreign Investment Promotion Board. The other proposals pertain to agriculture, information and broadcasting and IT.

Venture fund

New Delhi, Nov. 5: The Union information and broadcasting ministry has constituted a committee to allow venture capital funding in the entertainment sector. The committee comprises N. K. Singh, member, Planning Commission; Pawan Chopra, secretary I & B ministry; L. Manshingh, director general, foreign trade; Vinod Rai, additional secretary, banking; K. V. Kamath, chairman and managing director, ICICI Bank; and the joint secretary (films). The committee will co-opt film makers Subhash Ghai and Shekhar Kapur, Saurav Srivastava (Nasscom), film presenter Bobby Bedi and financier and distributor Manmohan Shetty.

Tata Coffee

Mumbai, Nov. 5: Tata Coffee Ltd (TCL), a subsidiary of Tata Tea Ltd, will acquire Highhill Coffee India Pvt Ltd, which owns instant coffee facility in Tamil Nadu, for an undisclosed amount.

Cell users

New Delhi, Nov. 5: The cellular subscriber base in the country has increased by 10.8 lakh in October, taking the total number of users to 1.93 crore.

SAT member

Calcutta, Nov. 5: Bidhu Bhusan Samal, former CMD of Allahabad Bank, today took charge as member of Security Appellate Tribunal (SAT), a government notification said.

Airport panel

New Delhi, Nov. 5: The group of ministers, set up to give a direction to the process of restructuring of Delhi and Mumbai airports, would meet here tomorrow and is likely to take a final decision on the appointment of a financial adviser for the purpose.

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