MUMBAI: Meanwhile, the FIPB has cleared a proposal of Hay House Publications (India) Pvt. Ltd for setting up a joint venture company with a foreign equity of 80 per cent amounting to Rs 6.8 million by Hay House Inc. USA.

The clearance came despite the department of secondary and higher education advising that the proposal needed to be examined and sought deferment for two weeks. I&B ministry had no comments to offer.

The balance 20 per cent equity will be held in the ratio of 10 per cent each amounting to Rs 850,000 each by Indian residents Ravi and Meena Lalwani, the resident shareholders.

Hay House Publications (India), which was incorporated with a paid up capital of Rs 100,000, will be engaged in the printing and distribution in India of foreign books, deck cards and audios on various literary, social, health, agricultural, medical, rural and all non-political subjects.

As per the extant policy, FDI upto 100 per cent is allowed under FIPB route in publishing/printing scientific and technical magazines, periodicals and journals.