The Cabinet today approved 51 per cent FDI in multi-brand retail and 100 per cent in Single Brand retail subject to conditions. Breifing newmen on the decisions of the Cabinet Committee on Economic Affairs, Commerce Minister Anand Sharma said, the conditions for FDI in Single Brand retail include that the foreign investor should be the owner of the brand. Also for proposals involving FDI beyond 51 per cent, thirty per cent sourcing would mandatorily have to be done from Small and Medium Enterprices, village and cottage industries, artisans and craftsmen.
The CCEA also gave the nod for permitting foreign airlines to make foreign investment, up to 49 per cent in scheduled and non scheduled air transport services. The CCEA also approved foreign investment up to 49 per cent including 26 per cent FDI and 23 per cent FII in power Trading Exchanges in compliance with SEBI regulations.
The CCEA also approved the disinvestment of 9.59 per cent equity in Hindustan copper Ltd, 12.15 per cent paid up equity in National Aluminium company Ltd, 10 per cent paid up equity in Oil India Ltd and 9.33 per cent paid up equity in MMTC Ltd.
The CCEA also liberalised the foreign investment for companies operting in the broad casting sector, these include Teleports, Mobile TV and Headend in the Sky Broadcasting service.
The cabinet also approved the financial restructuring of Prasar Bharti and filling up essential posts based on the recommendations of the Group of Ministers. During the next five years government non Plan support will be extended to Prasar Bharti for meeting 100 per cent expenses towards salary and salary related expenses. All other operating expenses towards are to be borne by Prasar Bharti out of internal revenue earning. Information and Broadcasting Minister Ambika Soni said, this will help Prasar Bharti to move forward to fulfill the reponsibilities of Public broadcasting.