Ratan Tata, Chairman of the Tata Group, attends the annual general meeting of Tata Consultancy Services in Mumbai July 2, 2010.
Ratan Tata, Chairman of the Tata Group, attends the annual general meeting of Tata Consultancy Services in Mumbai July 2, 2010. Tata Power, India’s largest integrated private power utility company, said its consolidated profit after tax (PAT ) increased to 6.75 billion rupees as compared to 3.68 billion rupees the corresponding quarter last year. Reuters

Tata Steel, the world's No. 7 steelmaker, has received government approval to raise 11 billion rupees through issue of warrants to overseas investors, the Press Information bureau said in a statement on Thursday.

The government has approved 19 foreign direct investment proposals worth about 43.4 billion rupees, it added.

It also approved a proposal by EADS Deutschland GmbH and Larsen & Toubro for induction of 26 percent foreign equity for defence production, entailing FDI inflows worth 78 million rupees.

Textile machine maker Lakshmi Machine Works has also received an approval to manufacture aircraft and spacecraft parts, components and accessories, PIB said.

Karur Vysya Bank has been allowed to raise 1.08 billion rupees by issuing partly paid-up shares while PVC products maker Responsive Industries Ltd has received approval to issue warrants worth 17.5 million rupees, it added.

A proposal by ABG Shipyard to enter into defence contracts and another by Reliance Broadcast Network to allow foreign investment into equity have been deferred, PIB said in the statement.

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