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Govt clears Jet Air, Enron, Joyco proposals

The Indian government Tuesday permitted Jet Airways to issue non-voting cumulative convertible redeemable preference shares worth Rs 660 million and PowerGen India to issue equity preference shares for Rs 3 billion, among 21 cases involving an inflow of Rs 4.29 billion as foreign direct investment.

The proposals, which have been recommended by the Foreign Investment Promotion Board, or FIPB, cover sectors like computer software and data processing, web sites, children's education, export of readymade garments, telecom value-added services, confectionery, power generation, air-taxi operations and LNG infrastructure, a statement issued in New Delhi said.

The government has also allowed Enron India Limited to extend its activity. The proposal does not involve any fresh equity infusion.

The approved cases include Ernst and Young Consulting India Private Limited's proposal to transfer equity on swap basis.

Among other cases approved was Kristall Ocean Export Private Limited's proposal to hike foreign equity in the venture from 5 per cent to 95 per cent with an investment of Rs 1.9 million.

BNP Prime Peregrine India Limited, an NBFC, has got the nod to change foreign collaborator in the venture due to overseas acquisition.

Confectionery major Joyco India Limited, manufacturers of chewing gums and other confectionery products, has been allowed to test market a few new products.

The other companies whose proposals were approved by the government include Artfactory India Private Limited, Patricia McNully of New Zealand, GTE Pharmaceuticals Limited, Amoeba Telecom Private Limited, Sipca India Limited, TTK LIG limited, IndusInd Media and Communications Limited, United Dominion Holding Inc and Tata Finance Limited.

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