Based on the recommendations of Foreign Investment Promotion Board or FIPB, the Indian government on Thursday cleared 26 foreign direct investment proposals amounting to around Rs.1,042.91 crore.

Among them, Neo Sports Broadcasting's plan to invest Rs.258.53 crore by issuing fresh equity shares/equity linked instruments.

A proposal from NSK Holdings Pvt. Ltd. to pump in Rs.214.49 crore to make downstream investment has been cleared, while Samvardhana Motherson Finance's plan to invest Rs.208.26 crore to increase equity participation also got approval.

Tecnomen Oyj, Finland, will bring in Rs.131.33 crore to acquire equity shares from the existing resident shareholders, while John Deere Construction will bring in Rs.84 crore to set up a joint venture to carry out the manufacturing, marketing and distribution activities.

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.

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