New Delhi, July 19
The government has approved 31 foreign direct investment (FDI ) proposals worth Rs 3,845 crore including that of Multiples Private Equity, Cox & Kings and Hinduja Energy.

The proposals were cleared in a meeting of the Foreign Investment Promotion Board (FIPB) earlier this month, according to a Finance Ministry statement.

The government's nod to Multiples Private Equity Fund to bring in foreign funds worth Rs 1,000 crore is the largest FDI application that has been cleared.

This private equity fund is being steered by Renuka Ramnath, former head of ICICI Ventures. It can now make investments in securities of the Indian companies through a private equity fund.

FIPB in its meeting also deferred decision on 18 proposals to bring in FDI.

Travel operator, Cox & Kings got permission to allot warrants as part of a QIP to investors to the tune of Rs 750 crore.

Mumbai-based Ashwell Holding Company's proposal to get FDI worth Rs 852.6 crore, by selling equity to foreign entity, was also cleared.

Hinduja Energy (India) too got nod for induction of foreign equity into an Indian company, for the purpose of making investments in the power sector to the tune of Rs 400 crore.

Other major proposals which have been cleared include that of France-based Natixis Global Asset Management to invest by way of indirect foreign investment in a pension fund subsidiary and French bank BNP Paribas to set up a wholly-owned subsidiary to act as an investing company.

FDI proposals on which decisions were deferred include Vodafone Essar for transfer of share and Walt Disney Company India to undertake the additional activity of broadcasting and downlinking.

FIPB also deferred a decision on Dish TV proposal on transfer of shares to carry out the business of telecommunication equipment and provide management and marketing of Agrani. 

New Delhi, July 19
India and the US today agreed to resume negotiations on a bilateral investment treaty. At a joint press conference with External Affairs Minister S M Krishna after the second India-US strategic dialogue, visiting US Secretary of State Hillary Clinton also asked India to lower investment barriers.

“Each of our countries can do more to reduce barriers, open our markets, and find new opportunities for economic partnership,” Clinton said.

“Taking these steps is in our mutual interest. We can improve millions of lives and increase both of our nations’ economic competitiveness,” she added.

She said the trade and investment ties between both countries were strong and welcomed growing Indian investments in the US. “The US is proud to be one of India's largest trading partners and direct investor, and we welcome India's investment in the US, which is rapidly on the rise.”

A joint statement released by the two governments said that negotiations for the bilateral investment treaty (BIT) would resume in August in Washington DC. “A BIT would enhance transparency and predictability for investors, and support economic growth and job creation in both countries,” it said. — TNS

Chandigarh, July 19
The Haryana Government has notified incentives for the Micro, Small and Medium Enterprises (MSME) units.

An official spokesman said that a new MSME set up in the backward areas (Category B and C blocks) would continue to get the facility of financial assistance in the shape of interest-free loan to be quantified at 50 per cent of the tax paid on the sale of goods produced in such industrial units under the Haryana VAT Act, 2003. The incentive would be available for five years from the start of commercial production.

He said that another addition made in the Policy was of the exemption from electricity duty to the new industrial units covered under MSMEs set up in Category B and C areas for five years from the date of release of regular electricity connection.— TNS

New Delhi, July 19
Even as concerns remain over scientific storage, India is set to produce an all-time record 241.56 million tonnes of foodgrain during 2010-11, surpassing the earlier record of 234.47 achieved during 2008-09, on the back of a good monsoon and higher support prices for farmers.

The country has now set a target of 245 MT foodgrain for the 2011-12 crop year. Terming 2010-11 a “very good year”, Agriculture Secretary P K Basu today said “our overall foodgrains production target is 245 MT for the 2011-12 crop year”.

According to the 4th Advance Estimates for the year, the foodgrain production surpassed the previous record of 234.47 MT achieved in 2008-09 with a good margin and is significantly higher than 218.11 MT produced last year. However the estimate is still less than the target of 244.50 MT set in the beginning of the crop year 2010-11.

All commodities in the basket, including wheat at 85.93 MT, rice at 95.32 MT, coarse cereals at 42.22 MT, pulses at 18.09 MT, oilseeds at 31.10 MT have achieved an all time record. Among the coarse grains, maize with a contribution of 21.28 MT, is significantly higher that the production of 19.73 MT achieved during 2008-09

Cotton production too increased from 24.23 million bales in 2009-10 to 33.43 million bales in 2010-11.

For the 2011-12 crop year, the Agriculture Ministry has pegged rice production at 102 MT, 87 MT for kharif and 15 MT for Rabi, wheat at 85 MT, coarse cereals at 41 MT, and pulses at 17 MT taking foodgrain output to 245 MT.

India will be able to meet the demand under the proposed National Food Security Act for which the requirement is around 60-65 MT. 

New Delhi, July 19
Rupert Murdoch-led News Corp's strategy to operate under multiple brands may help the group shield its Indian businesses from any possible fallout of the crisis engulfing the group in the UK and the US, experts say.

The media conglomerate, which owns assets worth $66 billion (about Rs 3 lakh crore) across the world, has a significant presence in India, including in the television content and distribution, publishing, films and news businesses. Experts believe that the Indian businesses may remain insulated from the phone hacking and police bribery scandals that have pushed the group into a deep crisis in its key Western markets.

The Indian business might be affected only if the group's worldwide business comes under the scanner, they added.

The group operates most of its businesses in India through Star India Pvt Ltd, a wholly owned subsidiary of US-listed News Corporation.

Its portfolio here includes about three dozen general entertainment channels and three news channels including Star News. The Indian business has been a key contributor to its global TV advertising revenues.

The group's TV channels are mostly operated under the Star brand in the country, while the Fox brand is used for films, Harper Collins for publication, Sky for satellite TV distribution and Dow Jones for financial market information services.

While the queries sent to Star India remained unanswered, media buyers and planners said that a layman here may not even know that the Star TV channels in India were owned by Murdoch.

"I don't think it will have any impact on his India business. His India business is strong and growing and mainly focused on entertainment," Madison World Chairman and MD Sam Balsara said.

"People from the media and advertising industry are aware of the crisis, but the phone hacking controversy will not have any impact on routine operations here. Nothing will change for him here," another media advertising executive said.

Rupert Murdoch himself has described the group's Indian business as a "next generation" prospect.

A few months ago in March this year, during his visit to India, his son James Murdoch had also rued regulatory bottlenecks in the country. — PTI

Kolkata, July 19
The Calcutta High Court today witnessed moments of high drama during a hearing in the Singur case with Tata Motors' counsel refusing to depose over the alleged "personal attack" by a West Bengal Government lawyer and the judge turning down the Advocate-General's plea to order a media gag on the day's proceedings.

At the start of the hearing this morning, Tata Motors' counsel Samaraditya Pal alleged that Kalyan Bandopadhyay, counsel for the West Bengal Government, had made personal attacks against him on a TV channel last night.

Pal told the court that he was mentally disturbed and was not in a position to depose as he could not prepare himself and also felt like quitting the case. Justice Saumitra Pal said that he was also embarrassed with the episode. Bandopadhyay was not present in the court.

After the court re-assembled in the afternoon, Justice Pal called both Advocate-General Anindya and Pal and spoke to them in private. Mitra then requested Justice Pal to order mediapersons present in the courtroom not to publicise the allegations and counter-allegations, which the judge refused to do.

Justice Saumitra Pal told the Advocate-General that the media was just carrying out its duty. The hearing will continue tomorrow.

The HC is hearing the Tata Motors' writ petition challenging the Singur Land Development and Rehabilitation Act 2011. — PTI 

Mumbai, July 19
The country’s second largest private lender HDFC Bank today posted 33.7 jump in net profit at Rs 1,085 crore for April-June quarter on the back of a healthy rise in net interest income and foreign exchange revenues.

The Mumbai-headquartered bank's net profit for the corresponding April-June period last year was Rs 811.71 crore. The bank’s net interest income grew by 18.6 per cent to Rs 2,848 crore while income from fees and commissions was up 15.9 per cent at 922.7 crore.