Govt clears Neo Sports' FDI proposal among 26

New Delhi, Mar 26 (PTI) Broadcaster Neo Sports has been
permitted to bring in Rs 258.53 crore of foreign direct
investment, the highest among the 26 FDI proposals worth Rs
1,042.91 crore, cleared by the Indian government.

Neo Sports Broadcasting's FDI will be in uplinking and
broadcasting "non-news and current affairs" television
channels.

The company will issue fresh equity or equity-linked
instruments to bring in the foreign fund as per a proposal
cleared by the government on the recommendations of the
Foreign Investment Promotion Board.

However, the government has rejected three proposals,
including that of Bank of Nova Scotia of Canada, which was to
undertake wholesale trading and hedging in precious metals.
It also rejected a proposal by MD Group Canada, which
wanted to invest in the hospitality sector.

The government has also deferred nine proposals,
including that of HP India Holdings Mauritius, for setting up
a joint venture in the hotel industry across India.

Besides the government has asked eight entities, including
Nimbus Communication, to bring in their proposals through the
automatic route.

In this category, Hyderabad-based NSL Seeds is to bring in
Rs 250 crore of FDI. PTI BSP
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