Just a moment...

Top
Help
Upgrade to AI Tools

We've upgraded AI Tools on TaxTMI with two powerful modes:

1. Basic
Quick overview summary answering your query with referencesCategory-wise results to explore all relevant documents on TaxTMI

2. Advanced
• Includes everything in Basic
Detailed report covering:
     -   Overview Summary
     -   Governing Provisions [Acts, Notifications, Circulars]
     -   Relevant Case Laws
     -   Tariff / Classification / HSN
     -   Expert views from TaxTMI
     -   Practical Guidance with immediate steps and dispute strategy

• Also highlights how each document is relevant to your query, helping you quickly understand key insights without reading the full text.Help Us Improve - by giving the rating with each AI Result:

Explore AI Tools

Powered by Weblekha - Building Scalable Websites

×

By creating an account you can:

Logo TaxTMI
>
Call Us / Help / Feedback

Contact Us At :

E-mail: [email protected]

Call / WhatsApp at: +91 99117 96707

For more information, Check Contact Us

FAQs :

To know Frequently Asked Questions, Check FAQs

Most Asked Video Tutorials :

For more tutorials, Check Video Tutorials

Submit Feedback/Suggestion :

Email :
Please provide your email address so we can follow up on your feedback.
Category :
Description :
Min 15 characters0/2000
Make Most of Text Search
  1. Checkout this video tutorial: How to search effectively on TaxTMI.
  2. Put words in double quotes for exact word search, eg: "income tax"
  3. Avoid noise words such as : 'and, of, the, a'
  4. Sort by Relevance to get the most relevant document.
  5. Press Enter to add multiple terms/multiple phrases, and then click on Search to Search.
  6. Text Search
  7. The system will try to fetch results that contains ALL your words.
  8. Once you add keywords, you'll see a new 'Search In' filter that makes your results even more precise.
  9. Text Search
Add to...
You have not created any category. Kindly create one to bookmark this item!
Create New Category
Hide
Title :
Description :
❮❮ Hide
Default View
Expand ❯❯
Close ✕
🔎 News - Adv. Search
TEXT SEARCH:

Press 'Enter' to add multiple search terms. Rules for Better Search

Search In:
Main Text + AI Text
  • Main Text
  • Main Text + AI Text
  • AI Text
Category: ?
Categorized by AI
---- All Categories ----
  • ---- All Categories ----
  • Income Tax
  • GST
  • Customs, DGFT & SEZ
  • FEMA & RBI
  • Corp. Laws, SEBI & IBC
  • PMLA, Black Money & ED
  • Budget
  • News and Press Release
  • PTI News
Month:
---- All Months ----
  • ---- All Months ----
  • January
  • February
  • March
  • April
  • May
  • June
  • July
  • August
  • September
  • October
  • November
  • December
Year:
---- All Years ----
  • ---- All Years ----
  • 2026
  • 2025
  • 2024
  • 2023
  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011
Sort By: ?
In Sort By 'Default', exact matches for text search are shown at the top, followed by the remaining results in their regular order.
RelevanceDefaultDate
    No Records Found
    ❯❯
    MaximizeMaximizeMaximize
    0 / 200
    Expand Note
    Add to Folder

    No Folders have been created

      +

      Are you sure you want to delete "My most important" ?

      NOTE:

      News
      Showing Results for :
      Reset Filters
      Results Found:
      AI TextQuick Glance by AIHeadnote
      Show All SummariesHide All Summaries
      No Records Found

      News

      Back

      All News

      Showing Results for :
      Reset Filters
      Showing
      Records
      ExpandCollapse
        No Records Found

        News

        Back

        All News

        Showing Results for : Reset Filters
        Case ID :
        Customs, DGFT & SEZ

        Government approves Twenty (20) Proposals of Foreign Direct Investment amounting to ₹ 988.3 Crore

        October 27, 2014

        📋
        Contents
        Note

        Note

        -

        Bookmark

        print

        Print

        Login to TaxTMI
        Verification Pending

        The Email Id has not been verified. Click on the link we have sent on

        Didn't receive the mail? Resend Mail

        Don't have an account? Register Here

        Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on September 16, 2014, the Government has approved twenty (20) proposals of Foreign Direct Investment amounting to ₹ 988.3 crore approximately.

        Details of Proposals considered in the Foreign Investment Promotion Board (FIPB) Meeting held on 16th September, 2014 are as follows:     

        1.  Following twenty (20) proposals have been approved:

        Sl. No.

        Name of the applicant

        Gist of the proposal

        Proposed amount of FDI (in Rs. Crore)

        Sector

         

        1

        M/s Bharti Shipyard Ltd., Mumbai

        (No.187/2011-FC.I)

        M/s Bharati Shipyard Limited, Mumbai (Investee Company) which has existing FII and NRI investments has proposed to undertake additional defence activities along with its existing activities.

        Nil

        Defence

        2

        M/s Solar Industries India Limited, Nagpur

        (No. 86/2014-FC.I)

        M/s Solar Industries Limited, which has minimal investment FII/NRI investment, has sought approval for undertaking additional activity of manufacturing defence products.

        Nil

        Defence

        3

        M/s Hatsoff Helicopter Training Pvt Ltd, Bangalore (No. 112/2014-FC.I)

        Post facto approval has been sought by M/s Hatsoff Helicopter Training Pvt Ltd for the issue of shares against interest money accrued on the foreign remittance received by it from the foreign investor.

        ₹ 5.6 Crore

        Civil Aviation

        4

        M/s Verizon Communications India Private Limited

        [No. FC.II – 39/2002]

        M/s Verizon Communications India Private Limited, engaged in telecom sector, is seeking approval to increase foreign equity participation by its foreign parent from 74% to 100%.

        ₹ 2.32 Crore

        Telecom

        5

        M/s Ironman Media and Advisory Services Private Ltd. (No. 11/SIA/NFC/2014)

        M/s Ironman Media and Advisory Services Private Ltd. has sought approval to issue shares for the amount received as FDI.

        ₹ 0.30 Crore

        Print Media

        6

        M/s Axes Studios LLP

        (No.10/SIA/NFC/2014-FC I)

         

        M/s Axes Studios LLP has sought approval to accept NRI investment from Mr. Gunjan Dhirendra Chag, NRI, UK.

        ₹ 0.99 Crore

        IT

        7

        M/s MapfreAsistencia Camp A+ Aa International de SegurosYReaseguros, SA(No. 245/2013-FC.I)

        Permission for incorporating a WoS in India for providing software related services and also act as Corporate Agent to an Indian Insurer by Soliciting and Procuring Insurance business as Corporate Agent.

        ₹ 1.70 Crore (US$ 0.275 million)

        Insurance

        8

        M/s Instant Global Money Transfer Private Limited

        (No. 78/2014-FC.I)

         

        M/s Instant Global Money transfer Private Limited, Punjab is seeking post facto approval for partly paid shares issued to the M/s Trans-Fast Remittance LLC, New York against FDI.

        ₹ 0.15 Crore

        NBFC

        9

        M/s GETCO Asia Pte. Ltd., Singapore

        (No. FC.II: 156/2011)

        Approval sought by a wholly foreign owned company for setting up a downstream subsidiary to be engaged in the business of commodities broking, commodities trading and providing liquidity to the commodities market.

        Nil

        NBFC

        10

        M/s Equitas Holdings Private Limited, Tamil Nadu

        (No. FC.II- 236/2011)

         

        Approval has been sought by M/s Equitas Holdings Private Limited for downstream investment in its wholly owned subsidiaries by its existing and new foreign shareholders hereby increasing the foreign equity from 91.30% to 93.12%

        ₹ 325 Crore

        Investing Company

        11

        M/s ANZCapital Pvt. Ltd. (FC.II: 121/2001)

        M/s ANZ Capital Private Limited is seeking approval for removal of the condition prescribed in the FC approval.

        Nil

        NBFC

        12

        M/s Medipass SRL, Italy

        (No. 83/2014-FC.I)

        Approval is sought by Medipass SRL, an Italian company for the acquisition of 85.19% stake in the share capital of M/s Clearview Healthcare Private Limited, an investing company with downstream investment in health sector.

        ₹ 15.11 Crore

        Pharma

        13

        M/s Intas Pharmaceuticals Limited, Ahmedabad

        [No. FC.II – 334/2005]

        M/s Intas Pharmaceuticals Limited, an Indian pharmaceuticals company, seeking approval for NR to NR transfer of 10.16% its shares.

        Nil

        Pharma

        14

        M/s. Koye Pharmaceutical Private Limited

        (No. 41/2014-FC.I)

        M/s Koye Pharmaceuticals Private Limited, a brownfield Pharmaceuticals company, has sought permission to issue additional 1,818 CCPS, 15constituting up to 6.81% of the share capital of the company on a post-issuance and fully diluted basis, to the already existing investor M/s SCI Growth Investments II, Mauritius.

        ₹ 7.50 Crore

        Pharma

        15

        M/s Amneal Pharmaceuticals Company India Pvt. Ltd.

        (No. 67/2014-FC-I)

        M/s Amneal Pharmaceuticals Company Private Limited, a foreign owned and controlled company, is seeking approval for acquisition of entire share capital of Epsilon, through a share purchase agreement a company engaged in trading of generic pharma products and in process of setting up formulation manufacturing facility.

        UptoRs. 205 Crore

        Pharma

        16

        M/s Fresenius Kabi Oncology Limited, New Delhi

        (No. 89/2014-FC.I)

        Approval has been sought for issuance of equity shares for an aggregate consideration of ₹ 119 Crore to increase foreign shareholding from 96.22% to 96.483% of its parent company.

        ₹ 119 Crore

        Pharma

        17

        M/s Ferring Pharmaceuticals Pvt. Ltd.

        (FC.II 456/1996)

        M/s Ferring Pharmaceuticals Private Limited is seeking post facto approval for the investment made by Ferring BV (foreign company) into M/s Ferring Pharmaceuticals Pvt. Ltd for onward downstream investment in its WoS M/s Ferring Therapeutics Pvt. Ltd., prior to approval of FIPB.

        Nil

        Pharma

        18

        M/s Indusind Bank Ltd. (591/FC/93/NRI-FC I)

         

        the applicant has sought approval for increase in foreign investment in IBL to 74% with a specific request to grant post-facto approval for increase in foreign holding from 68.51% to 72.07% on 30.06.2014

        Not indicated

        Banking – Private Sector

        19

        M/s Dymak India Services Limited Liability Partnership, Uttar Pradesh

        (No. 85/2014-FC.I)

        Post Facto approval has been sought by M/s Dymak India Services LLP for foreign contribution of ₹ 44,53,523 to acquire 80% stake in the Indian LLP by M/s Dymak A/S CVR 1975 7803.

        Nil

        Whole Sale Trading

        20

        M/s Tara India Fund IV Trust, Mumbai

        (No. 102/2014-FC.I)

        M/s Tara India Fund IV Trust seeking permission for investment upto US$45 million by subscribing to the units of the applicant and category B investors to invest up to US $ 5 million in the units of TARA Fund. 

        ₹ 305.63 Crore

        (US$ 50 million)

        Investing Company

         

        2.         The following eight (8) proposals have been deferred:

        Sl. No.

        Name of the applicant

        Gist of the proposal

        Sector

         

        1

        M/s Pureplay Investment Partners, Mauritius

        (No. FC.I-270/2013)

        Proposal for FDI by M/s Pureplay Investment Partners Mauritius in:

        (a) upto 74% in M/s Indiverse Broadband Private Limited, an existing company engaged in the  cable television networks business and undertaking up -gradation of networks towards digitization and addressability (b) 49% in (JVC-I) and 49% in (JVC-2) (both JVC will be act as investing company).

        Telecom

        2

        M/s ASV Europa Security Private Limited, Secunderabad (No. 91/2014-FC.I)

        M/s ASV Europa Security Private Limited, Secunderabad seeking permission for receiving 49% foriegn investment in Security Services and Man Power recruitment & training services by way of transfer of shares from its current Indian Shareholder. 

        Private Security Agencies

        3

        M/s Halyard Health Inc., USA (No. 109/2014-FC.I)

        Approval has been sought by M/s Halyard Health, Inc, USA, WoS of Kimberley Clark group to set up a new company in India to be engaged in import and sale of healthcare products on “Wholesale business” and transfer of some assets from one WoS to the new company.

        Pharma

        4

        M/s BeloorBayir Biotech Limited, Bangalore (No. 111/2014-FC.I)

         

        M/s BeloorBayir Biotech Limited Bangalore, with 22.55% foreign investment (on a fully diluted basis) by M/s India Agri Business Fund Ltd. Mauritius proposes to acquire, by way of merger, the entire share capital of M/s Bayir Chemicals India Private Limited, Bangalore and M/s Sneha Nutura India Private Limited, both companies being engaged in pharmaceuticals sector.

        Pharma

        5

        Mr. Anurag Kumar (No. 12/SIA/NFC/2014)

        The applicant has sought Government approval for acquisition of 100% equity of BPPL. The proposal has been supported by the consent of existing shareholders  and Board Resolution of the investee company.

        Pharma

        6

        M/s Tevapharm India Pvt. Ltd. [FC.II 35(2001)/45(2001)]

        A 100% foreign owned Indian brownfield pharma company is seeking approval for additional capital infusion.

        Pharma

        7

        M/s GMU InfosoftPvt. Ltd.                     

        (No. 17/SIA/NFC/2011-FC I)

         

        company proposes to issue 2750 equity shares (1.52% equity) of ₹ 10/each, to Mr. Ramneet Singh Rekhi, USA, NRI and 2750 equity shares (1.52% equity) of ₹ 10/each to Mr.Sartaj Singh Rekhi, USA, NRI.

        Others

        8

        M/s U InfosoftPvt. Ltd. ( No. 16/SIA/NFC/2011-FC I)

        The company proposes to issue 2750 equity shares (1.52% equity) of ₹ 10/each, to Mr. Ramneet Singh Rekhi, USA, NRI and 2750 equity shares (1.52% equity) of ₹ 10/each to Mr.Sartaj Singh Rekhi, USA, NRI.

        Others

         

         3.         The following five (5) proposals have been rejected:  

        Sl. No.

        Name of the applicant

        Gist of the proposal

        Sector

         

        1

        M/s Indus Teqsite Private Limited, Tamil Nadu

        (No. 261/2013-FC.I)

        A JV is proposed to be formed with 26% FDI to undertake defence sector activities.

        Defence

        2

        M/s. Sistema Shyam Teleservices Ltd.

        [FC.II 241 (07)/285(07)]

        Increases in FDI upto 100% in M/s Sistema Shyam Tele Services Limited and its downstream WoS M/s Shyam Internet Services Limited, both engaged in telecom sector, on account of conversion of Redeemable Preference Shares into equity.

        Telecom

        3

        M/s Kusum Healthcare Private Limited, New Delhi

        (No. 92/2014-FC.I)

        M/s Kusum Healthcare Private Limited, New Delhi, engaged in pharmaceuticals sector, has sought approval for issuing equity shares/CCPS/CCDs to M/s Upasa Holdings AG, Switzerland, leading to 25% shareholding in the applicant.

        Pharma

        4

        M/s BioMerieux India Private Limited, New Delhi

        (No. 97/2014-FC.I)

        M/s BioMerieux India Pvt Ltd., a WoS of M/s BioMerieux France has sought approval for additional downstream investment of 10% (increase from 60% to 70%) in M/s RAS Life sciences Private Limited, a company engaged in brownfield pharmaceutical sector. Post-facto approval for initial investment of 60% would also be required.

        Pharma

        5

        M/s HBM Private Equity India

        (No. 216/2013-FC.I)

        Approval has been sought by M/s HBM Private Equity India, Mauritius to acquire 7.72% equity shares of M/s Marck biosciences Ltd from IFCI Venture Capital Fund Ltd. This will result in increased foreign equity participation from 49.29% to 57.01%. However there is no change in the holding of the promoter group (80.01%).

        Pharma

         4.         In respect of following two (02) proposals, the recommendation is to advise the applicants that FIPB approval is not required in their cases: 

        Sl. No.

        Name of the applicant

        Gist of the proposal

        Sector

         

        1

        M/s Kineco Kaman Composites India Pvt. Ltd.

        (No. FC.I-100/2013)

        M/s Kineco Kaman Composites-India Pvt Ltd, having 26% FDI, proposes to undertake the additional activity of supplying products and research and development services to the defence sector, along with its existing activities.

        Defence

        2

        M/s Xander Finance Pvt. Ltd., Delhi

        (No. 110/2014-FC.I)

        M/s Xander Finance Private Limited, a loan NBFC, with 99.45% FDI from M/s Xander Credit Pte. Limited, Singapore has sought post-facto approval for deployment of temporary surplus funds in debt mutual fund and for making future deployment of temporary surplus funds in debt mutual funds and government bonds.

        NBFC

         
        Foreign Direct Investment approvals: Government cleared multiple sectoral proposals including equity restructurings and post facto regularisations. Government action on FDI: the Government authorised a set of inbound investment proposals across defence, telecom, pharma, NBFCs, insurance and investing companies, permitting foreign equity increases, downstream investments, formation of wholly owned subsidiaries, and post facto regularisations of prior foreign investments, while deferring and rejecting separate proposals and advising that FIPB approval was not required in two instances.
                          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 Direct Investment approvals: Government cleared multiple sectoral proposals including equity restructurings and post facto regularisations.

                                Government action on FDI: the Government authorised a set of inbound investment proposals across defence, telecom, pharma, NBFCs, insurance and investing companies, permitting foreign equity increases, downstream investments, formation of wholly owned subsidiaries, and post facto regularisations of prior foreign investments, while deferring and rejecting separate proposals and advising that FIPB approval was not required in two instances.





                                Note: It is a system-generated summary and is for quick reference only.

                                Topics

                                ActsIncome Tax
                                No Records Found