17 FDI PROPOSALS CLEARED "
Finance Minister, Shri P. Chidambaram has approved 17 Foreign Direct Investment proposals recommended by Foreign Investment Promotion Board (FIPB) in its meeting held on 31st August, 2007. The approval amounts to Rs. 284.7695 crore. The proposals are related to Ministries /Departments, namely,Agriculture & Cooperation, Chemicals & Petro-chemicals, Commerce, Consumer Affairs, Heavy Industry, Information & Broadcasting, Telecommunications and Economic Affairs. The major investment proposals pertain to the Ministries/Departments of Heavy Industry & Economic Affairs
The details of the proposals approved are as follows:
Sl. No. | Name of the applicant | Particulars of the proposal | FDI/NRI inflows (Rs. In crore) |
AGRICULTURE & COOPERATION
1 | M/s. Phoenix Comtrade Pvt. Ltd. Mumbai | Induction of foreign equity upto 100% in this company by Phoenix Commodities Ltd., British Virgin Islands, proposed to be engaged in the activity of future markets/trading on commodity exchanges besides other wholesale/export/import trading activities | 4.14 |
COMMERCE
2 | M/s. Diesel Fashion India Arvind Pvt. Ltd. | To set up single brand Diesel Retail stores in India with a foreign equity of upto 51% from Diesel International BV, Netherlands, to undertake Men's and women's wear, Footwear and related accessories etc., in collaboration with Arvind Mills Limited | 5.10 |
3 | M/s. Tod's Hong Kong Ltd. | To set up a single brand Tod's Retail stores in India with a foreign equity of upto 51% from Tod's Hongkong, to undertake selling including leather items, shores, men and women ready to wear and accessories, in partnership with Bukhanvala Holdings Limited. | 5.70 |
HEAVY INDUSTRY
4 | M/s. JTEKT Sona Automotive India Ltd, New Delhi | To set up a joint venture company with a foreign equity of 51% from JTEKT Corporation, Japan, to undertake manufacture and sell Column Type Electric Power Steering (C-EPS) Systems. Proposal attracts Press Note 1 (2005 series). Indian partner is Sona Koyo Steering Sysytems Limited. | 28.917 |
INFORMATION & BROADCASTING
5 | M/s. Publicis Group Holding B.V. Netherland | Induction of foreign equity upto 100% by way of acquisition of 30,000 equity shares of an Indian company viz., Capital Advertising Private Limited engaged in the business of advertising and public relations | 0.03 |
TELECOMMUNICATIONS
6 | M/s. OnMobile Asia Pacific Pvt. Ltd. Bangalore | Issue of shares by way of share swap, for acquiring a French Company VoxMobile S.A. | No fresh inflow |
ECONOMIC AFFAIRS
7 | M/s. Rickshaw Delivery | Increase in NRI equity from 50% to 100% by way of acquisition of shares of a partnership firm, the additional 50% being permitted on non-repatriation basis. | 0.15 |
8 | M/s. Sogeparticipations, France | To set up a WOS to undertake the activities of portfolio management services and investment advisory services. Proposal attracts Press Note 1 (2005 series) | 205.8 |
9 | M/s. New Vernon Pvt. Equity Ltd, Mauritius | Induction of foreign equity in Delhi Stock Exchange by way of acquisition of up to 5% of shares | 10.61 |
10 | M/s. Passport Global Master Fund SPC Ltd. British Virgin Islands | Induction of foreign equity in Delhi Stock Exchange by way of acquisition of up to 5% of shares | 10.61 |
INFORMATION & BROADCASTING
Foreign direct investment approvals enable varied entry routes including equity induction, joint ventures, acquisitions, and WOS establishment. Seventeen FDI proposals recommended by the Foreign Investment Promotion Board were approved, covering multiple ministries and investment routes including induction of foreign equity up to 100%, majority foreign joint ventures, single brand retail with up to 51% foreign equity, equity acquisitions by foreign investors, share swap acquisitions, establishment of wholly owned subsidiaries for portfolio and investment advisory services, and conversion of NRI holdings to full equity on a non repatriation basis, with certain cases noting applicability of government press guidance for sectoral entry.
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