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Further to para 7 of the Press Release dated October 25, 2013, wherein it was stated that decision about the five (5) proposals will be communicated separately, the Government of India has approved two (2) proposals of Foreign Direct Investment (FDI) amounting to Rs. 97.85 crore.
Following two (2) proposals have been approved:
Sl. No
| Name of the applicant
| Particulars of the proposal | FDI/NRI inflows (Rs. in crore) |
1
| M/s Acebright (India) Pharma Pvt. Ltd., Karnataka
| A foreign owned Indian pharma company to receive additional foreign investment by way of fresh issue and transfer. Post-facto approval is also sought for an earlier transfer. | 95.00
|
2
| M/s Aerrianta International CPT, Ireland
| To set up a 50:50 JV company to engage in running duty free shops at Mumbai airport. | 2.85
|
The following one (1) proposal has been deferred:
Sl. No
| Name of the applicant | Particulars of the proposal |
1
| M/s AU Housing Finance Limited, Jaipur
| An Indian Housing Finance Company proposes to increase direct and indirect foreign investment upto 95%, without meeting the minimum capitalization norm of USD 50 million. |
In the following one (1) proposal, the applicant may be given clarification:
Sl. No
| Name of the applicant | Particulars of the proposal |
1
| M/s Brampton Pvt. Ltd. | Clarification regarding limit on percentage of shareholding to be held either by Indian partner or foreign partner for forming the joint venture company. |
Decision in the following one (1) proposal has been kept in abeyance:
Sl. No
| Name of the applicant
| Particulars of the proposal | FDI/NRI inflows (Rs. in crore) |
1
| M/s Manipal Technologies Ltd., Karnataka
| Induction of foreign investment in order to invest in the subsidiary to enter into cards payment system management and processing services for all kinds of alternate delivery channels including ATM. | 154.04
|
Foreign direct investment approvals permit two proposals while others face deferral, clarification or abeyance under FDI norms. Approval was granted for two Foreign Direct Investment proposals - additional foreign investment including post facto approval into a pharma company and a 50:50 joint venture to operate duty free retail - while one housing finance proposal was deferred for non compliance with minimum capitalization norms, one applicant was asked for clarification on shareholding limits in a joint venture, and one proposal was kept in abeyance.
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