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        Case ID :
        Customs, DGFT & SEZ

        Government Approves Eight (8) Proposals of Foreign Direct Investment Amounting to About Rs. 696.23 Crore

        May 31, 2013

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        Details of Proposals considered in the Foreign Investment Promotion Board (FIPB) Meeting held on 12.04.2013    

        Following eight (8) proposals have been approved:

        Sl. No.

        Name of the applicant

        Particulars of the proposal

        FDI/NRI inflows

        (Rs. in crore)

        1

        M/s McKinsey & Company Inc. India, USA

        To set up an LLP to be engaged in providing management consultancy services.

        0.99

        2

        M/s AWS Truepower LLC, USA

        Induction of foreign equity to carry out the business of consultancy services.

        0.24

        3

        M/s NSE Industries, France

        Induction of foreign equity to undertake the business of manufacture and servicing of products having defence applications.

        0.10

        4

        M/s Pilot Ventures Media Pvt. Ltd., New Delhi

        Induction of 100% foreign equity to carry out the business of publishing, marketing and distributing NME music Magazine and NME website in India.

        0.01

        5

        M/s GETIT Infoservices Private Limited

        To increase foreign equity percentage by way of acquisition/fresh issue of shares to carry out the business of specially publishing.

        216.00

        6

        M/s ACME Solar Energy Pvt. Ltd. Haryana

        To make downstream investment in a company engaged in solar power business.

        275.00

        7

        M/s GeoPost S.A., France

        Acquisition of shares of an Indian company engaged in the business of commercial express and parcel delivery business segment.

        179.04

        8

        M/s DPD Continental Ltd.

        Increase in foreign equity participation from 60% to 100% to carry out the business of Courier services other than post.

        24.85

        The following eight (8) proposals have been deferred:

        Sl. No

        Name of the applicant

        Particulars of the proposal

        1

        M/s Sutures (I) Pvt. Ltd.

        Increase of foreign equity in an existing pharma sector company.

        2

        M/s Calyx Chemicals & Pharmaceuticals Ltd.

        To issue IPO to investors including foreign investors to carry out the business of pharmaceutical sector.

        3

        M/s Total Prosthetics & Onthotics India Pvt. Ltd. Haryana

        Transfer of shares by way of share swap.

        4

        M/s BF Elbit Advanced Systems Pvt. Ltd., Pune

        To set up a new JV company to be engaged in design, development, manufacturing of defence related products.

        5

        M/s Telenor Mobile Communication AS, Norway

        To increase foreign equity from 49% to 74% in telecom sector.

        6

        M/s Tikona Digital Network Pvt. Ltd

        To increase foreign equity participation in telecom sector.

        7

        M/s Axiom Consulting Pvt. Ltd.

        To issue shares to the foreign national as per a pre-agreed price.

        8

        M/s Veritas (India) Limited

        Post facto approval has been sought for the issue of warrants. The company is engaged in the business of import, export, trading and distribution of metals and chemical products, power generation.

        The following three (3) proposals have been rejected:

        Sl. No

        Name of the applicant

        Particulars of the proposal

        1

        M/s Sunil Hitech Engineers Ltd., Nagpur

        To issue warrants to FIIs to carry out the business of execution of projects in the power and infrastructure sector.

        2

        M/s Triton Hotels and Resorts Pvt. Ltd. Mumbai

        Post facto approval for issuance of partly paid up shares. The company is engaged in the business of Hospitality Services.

        3

        M/s Karuturi Global Ltd., Bangalore

        Post facto approval has been sought for the issue of warrants to carry out the business of Floriculture & Food processing under controlled conditions.

        The following one (1) proposal has been recommended to advise the applicant that the proposal is not within the purview of FIPB:

        Sl. No.

        Name of the applicant

        Particulars of the proposal

        1

        M/s Tata Advanced Materials Limited, Bangalore

        Indian company engaged in manufacturing of defence related products has sought post facto approval for shares already held by NRI in the company on portfolio basis.

        Decision in the following two (2) proposals will be communicated separately:

        Sl. No.

        Name of the applicant

        Particulars of the proposal

        FDI/NRI inflows

        (Rs. in crore)

        1

        M/s Bay Capital Investment Ltd, Mauritius

        Acquisition of shares in a listed Indian Company which is the Core Investment Company of a leading infrastructure developing group of companies.

        100.00

        2

        M/s   Hubert Burda Media India Pvt. Ltd

        WoS of a foreign company to act as an operating cum investing company and to make downstream investment in an Indian company engaged in printing and publishing of magazines.

        7.00

         

        DSM/RS/ka

        (Release ID :96334)

        Foreign investment approvals: eight proposals cleared, several deferred or rejected, and other cases referred or pending FIPB decision. FIPB approved eight proposals permitting various forms of foreign equity infusion-fresh issue, acquisition, downstream investment and increase to full foreign participation-across sectors including consultancy, defence-related manufacturing services, publishing, solar power, courier and parcel delivery. Eight proposals were deferred for further scrutiny, three were rejected (including requests for post facto approval and warrants), one was advised as outside FIPB purview, and two decisions were reserved for later communication.
                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.

                                Foreign investment approvals: eight proposals cleared, several deferred or rejected, and other cases referred or pending FIPB decision.

                                FIPB approved eight proposals permitting various forms of foreign equity infusion-fresh issue, acquisition, downstream investment and increase to full foreign participation-across sectors including consultancy, defence-related manufacturing services, publishing, solar power, courier and parcel delivery. Eight proposals were deferred for further scrutiny, three were rejected (including requests for post facto approval and warrants), one was advised as outside FIPB purview, and two decisions were reserved for later communication.





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