New Delhi clears 12 FDI proposals

The government on Friday cleared 12 foreign direct investment (FDI) proposals that will bring Rs 212 crore of foreign investments, including one by US-based Millennium India Acquisition Company.
Meanwhile, 13 proposals, including two from BAG Films, were deferred by the government, according to an official statement here.
The US-based company will bring in Rs 159.92 crore to acquire stakes in two non-banking finance companies. Subsidiaries of these NBFCs are engaged in security market as stock broker, distribution of mutual fund units and commodity trading.
The proposals cleared by finance minister, Mr P Chidambaram on the recommendations of the Foreign Investment Promotion Board also include proposals for FDI from media house.