New Delhi March 24 (IANS) The government on Friday said it has given Japan s NTT Communications Corporation the go-ahead to increase its stake in data centre company Netmagic Solutions to 100 per cent from 81.63 per cent through investment of Rs 533.83 crore.
The Foreign Investment Promotion Board (FIPB) had earlier given the nod at its 243rd meeting held in February a Finance Ministry statement said here. Nine FDI proposals totalling Rs 659 crore were approved by the FIPB.
Telecom operator Vodafone India has also been given the nod to acquire YOU Broadband India for Rs 55.09 crore.
Other investment proposals approved include those of JCDecaux Advertising India and Atria Convergence Technologies proposing Rs 35 crore each.
FDI proposals of Venus Aesthetics Dr Reddy s Laboratories Franklin Templeton Asset Management India Solairedirect Energy India were also among the ones approved.
--IANS
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Japan s NTT Communications to hold 100% stake in Netmagic
