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Govt approves FIPB proposals of MSM, International Trade & Exhibitions India

MUMBAI: The Ministry of Finance has approved the foreign direct investment (FDI) proposals of Multi Screen Media (MSM) and print company International Trade & Exhibitions (ITE) India following recommendations of the Foreign Investment Promotion Board (FIPB).

MSM had sought permission for deletion of Clause 7(b) of the FIPB approval. This did not have FDI involved.

ITE India had proposed expansion of the scope of its business activities in printing, publishing and circulating or otherwise, dealing in all types of books, scientific and technical magazines/specialty journals/periodicals and other publications but not in any manner dealing with news and current affairs.

Meanwhile, the proposal of Atria Convergence Technologies has been rejected. Atria was seeking approval for transfer of shares from existing shareholders to new foreign investors Argan (Mauritius) Ltd and TA FVCI Investors Ltd.

The ministry has also rejected the proposal of DW Animation Ireland which had proposed to set up a limited liability partnership (LLP) in India.

As per its proposal, DW Animation was to invest Rs 99,980 (contributing 99.98% of the LLP) and Robert Alan Kelly was to invest Rs 10 contributing 0.01 per cent of the capital of LLP.

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