TaxTMI Login
TaxTMI 
Login
Loading...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 3380 
Press 'Enter' after typing page number.
of 3380 Press 'Enter' after typing page number.
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of 3380 Press 'Enter' after typing page number.
of 3380 Press 'Enter' after typing page number.
All News
of 3380 Press 'Enter' after typing page number.
All News
Note
Bookmark
Share
Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its 232nd meeting held on 7th March 2016, the Government has approved fifteen Foreign Direct Investment (FDI) proposals involving FDI of ₹ 7261.6 crore and recommended one proposal for approval of CCEA involving FDI of ₹ 6885 crore.
The following fifteen (15) proposals have been approved:
The following one (01) proposal has been recommended for approval by the Cabinet Committee on Economic Affairs (CCEA) under para 5.2.2 of the FDI Policy 2015:
| S. No | Item No | Name of the applicant | Gist of the proposal | Sector | FDI (Rs. crore) |
| 1 | 5 | Vsoft Technologies Pvt Ltd | Post facto approval for issuing 1,11,11,100 equity shares to VSoft Holdings, Mauritius (which holds 100% equity shares of M/s VSoft Corporation, USA) by way of swap of shares. | IT /ITES | Nil |
| 2 | 7 | M/s Venus Aesthetic LLP | Post facto approval has been sought for foreign equity participation of 51% by Venus Concept Canada Corporation. | LLP | Nil |
| 3 | 8 | Beloorbayir Biotech Ltd | Approval has been sought to: | Pharma | 25 |
| 4 | 9 | M/s Sun Life Financial (India) Insurance Investments Inc. | Approval has been sought for the acquisition of 23% in Birla Sun Life Insurance Company Limited which is currently held by Aditya Birla Nuvo Limited, thereby, increasing the foreign equity in the company from 26% to 49%. | Insurance | 1664 |
| 5 | 11 | M/s Nippon Life Insurance Company | Approval has been sought for proposed foreign direct investment by way of acquisition of a 23% additional stake in Reliance Life Insurance Company Limited, an Indian company, thereby increasing its aggregate shareholding in Reliance Life Insurance Company from 26 percent to 49 percent. | Insurance | 2265.5 |
| 6 | 12 | M/s Tata AIA Life Insurance Company Ltd | Approval has been sought for increasing the stake of AIA International Limited from 26% to 49% in the company. | Insurance | 2055 |
| 7 | 16 | M/s PTL Enterprises Ltd | Approval for transfer of 14,90,000 equity shares held by Late Mr. Siddique Dawood (UK based NRI) to his son and legal heir Mr. Rafique Dawood who is a citizen of Pakistan. | Manufac-turing | Nil |
| 8 | 22 | M/s Sun Pharma Advanced Research Co. Ltd | Approval has been sought by M/s Sun Pharma Advanced Research Company Limited for the removal of compounding in Para 3 in the approval letter dated 02.11.2015 | Pharma. | nil |
| 9 | 24 | M/s Almondz Insurance Brokers Pvt Ltd | Approval for the proposed transfer of 49% of its shareholding to M/s Willis Europe B.V. currently held by resident shareholders. | Insurance | 45.54 |
| 10 | 25 | M/s Taurus Ventures Ltd | approval, for the issuance of shares to the shareholders of Max India pursuant to a demerger of Max India Limited whereby which each shareholder of Max India would be issued shares in the company in the ratio of 1:1 and M/s Taurus would become the holding company of Max Healthcare and Max Bupa. | Insurance, Health and Allied Activities | nil |
| 11 | 26 | M/s Quantum Simulators Pvt Ltd | Approval to set up a stimulator Manufacturing Company in India for various applications including military and commercial uses in technical collaboration with leading US Company M/s Textron with US $ 15 Billion revenue. Further M/s Quantum Simulator has a JV agreement with a Indian company who would be holding 51% and the balance 49% by quantum | Defence | 14.7 |
| 12 | 27 | M/s Tata Sikorsky Aerospace Limited | Approval has been sought for non-resident to non-resident transfer of 26% of the shares of Tata Sikorsky Aerospace from M/s United Technologies International Corporation - Asia Private Limited to M/s Lockheed Martin Global, Inc. (USA). | Defence | nil |
| 13 | 28 | M/s Aviva Life Insurance Co India Ltd | Approval has been sought by Aviva Life Insurance Company India Limited to increase the foreign shareholding from 26% to 49% by Aviva International Holdings Limited, UK by way of transfer of 23% shareholding currently held by Dabur Investment Corp. | Insurance | 940 |
| 14 | 30 | M/s International Asset Reconstruction Co Pvt Ltd. | Approval has been sought for purchase of its shares by KKR India Reconstruction Pte. Ltd, Singapore, thereby increasing the foreign equity from 58.75% to 78.96%. | Asset reconstructions | 150 |
| 15 | 31 | M/s Raheja QBE General Insurance Co Ltd | approval for transfer of 23% shares currently held by Prism Cement Limited to QBE Asia Pacific Holdings Limited, Hong Kong, thereby increasing the foreign shareholding in the company from 26% to 49%. | Insurance | 101.85 |
The following eight (08) proposals have been deferred:
| S. No. | Item No | Name of the applicant | Gist of the proposal | Sector |
| 1 | 3 | M/s RMS Arc Insurance Brokers Pvt Ltd | Approval to increase foreign investment in the company from 26% to 49% by way of sale of shares to Risk Management Services, LLC, Oman. | Insurance |
| 2 | 4 | M/s Whirlpool Asia Pvt Ltd | A company with 99.997% FDI, has sought an approval for converting into a LLP. | LLP |
| 3 | 6 | M/s Bupa Singapore Holdings Pte Ltd | Approval to increase its investment in Max Bupa Health Insurance Company Limited from 26% to 49% by way of acquisition of shares from Max India Limited | Insurance |
| 4 | 20 | M/s Standard Chartered (l) Modeling and Analytics Center Pvt. Ltd | Approval has been sought for the sale of 26% of its shareholding, currently held by Standard Chartered Investments and Loans (India) Limited to Standard Chartered Bank, UK, thereby making it a WoS of the Standard chartered bank, UK | Research and Analytical |
| 5 | 29 | M/s Gulf Quarry General Trading FZC | Approval has been sought by GULF QUARRY GENERAL TRADING F.Z.C, UAE for investment in an Indian company which is yet to be incorporated for the establishment of a new factory in Amritsar for crushing of gypsum rocks to make gypsum powder, manufacturing of gypsum board etc. | Manufacturing |
| 6 | 33 | M/s HSBC Securities and Capital Markets (India) Pvt Ltd | Approval has been sought for:- II. Incorporating a Wholly Owned Subsidiary (WoS) which will act as a trustee company to HSBC Mutual Fund. III. HSBC InvestDirect Financial Services(India) Limited[WoS of HSBC Invest Direct (India) Ltd] to engage into additional activities | NBFC |
| 7 | 34 | ICICI Lombard General Insurance Company Limited, Mumbai | Approval has been sought to sell 40,270,010 fully paid up equity shares equivalent to 9% of the share capital of the Company (“Sale shares”) to FAL Corporation, an indirect wholly owned subsidiary of Fairfax, for an aggregate consideration of INR 1550.2 Cr. | Insurance |
| 8 | 35 | ICICI Prudential Life Insurance Company Limited, Mumbai | Approval for transfer of 2% of its shares currently held by ICICI Bank Limited (ICICI) to Compassvale Investments Pte. Ltd (Compassvale), a foreign entity and 4% shares to Hasham Traders, a resident Indian entity. | Insurance |
The following ten (10) proposals have been rejected:
| S. No. | Item No | Name of the applicant | Gist of the proposal | Sector |
| 1 | 1 | M/s IMCD lndia Pvt Ltd | Approval has been sought for issuing 4,213,814 Equity Shares of ₹ 10 fully paid up at a premium of ₹ 140 per share to IMCD Finance BV in consideration for transfer of IMCD Group BV’s Indian branch into IMCD India pursuant to a court approved scheme of demerger. However, the High Court order has not yet been received. | Cash and Carry whole sale trading |
|---|---|---|---|---|
| 2 | 2 | M/s Apollo Hospitals Enterprise Ltd | Approval for allowing foreign investment by the non-resident shareholders pursuant to the proposed rights issue subject to RBI and other necessary approval. | Healthcare |
| 3 | 10 | M/s Phenomenex India Pvt Ltd | Post Facto approval has been sought for issue of Shares on non-repatriation basis against Preoperative Expenses, and condonement of the delay in application. | Cash and Carry whole sale trading |
| 4 | 13 | M/s You Broadband India Ltd | a) Transaction 1: M/s You Broadband India Limited (YBIL), a public limited company offered rights issue of shares to all its existing resident and non-resident shareholders on February 6, 2015, at face value ₹ 10 for consideration amount ₹ 2.059 crore. | Trading |
| 5 | 14 | M/s Lupin Limited | Approval has been sought for | Pharma |
| 6 | 15 | M/s Perfectmehta Systems Outsourcing India LLP | Approval has been sought for transfer of capital contribution by foreign partner to newly formed Indian LLP. The contribution of the foreign partner has not yet been received. | LLP |
| 7 | 17 | M/s George Institute of Global Health | Post-facto approval and regularization for allotment of 16,78,492 fully paid up equity shares of ₹ 10/- each, which had been allotted by the applicant to its foreign holding company The George Institute for Global Health, Australia against the remittances received by the third party (M/s Gandhi & Gandhi). | Healthcare |
| 8 | 18 | M/s Hive Technologies LLP | Approval has been sought for investment of upto 66.93% by Hive Group Management LLC, USA in Hive LLP, for an aggregate consideration of INR 4,00,000. The applicant seeks to prevent the anticipated breach of downstream conditions applicable to LLPs as per clause (b) of paragraph 3.2.5 of the FDI Policy, upon receipt of foreign direct investment | LLP |
| 9 | 21 | M/s Barefoot Resorts and Leisure India Pvt Ltd | Post facto approval of the allotment of 14195 partly paid equity shares of the face value of ₹ 100 each issued at a premium of ₹ 6900 per share equity share made on 1 October 2009 by the Applicant to its existing NRI Shareholder Fruition Resorts Limited, Mauritius on rights basis. | Hospitality |
| 10 | 23 | M/s Dipon Gas and Infrastructure Pvt Ltd | Approval has been sought for issuing 20,00,000 equity shares of Dipon Gas and Infrastructure Pvt. Ltd at the rate of ₹ 10/- per share to DG Infratech Pte Ltd, Singapore | Construction |
5. The following one (01) proposal was withdrawn by the applicant:
| S. No. | Item No | Name of the applicant | Gist of the proposal | Sector |
|---|---|---|---|---|
| 1 | 32 | Equitas Holdings Ltd | Approval has been sought by M/s Equitas Holdings Private Limited for undertaking an IPO in accordance with the provisions of the SEBI ICDR 2009. The Issue comprises a fresh issue and an offer for sale of Equity Shares by certain existing shareholders to eligible non-resident investors including FIIs/FPIs/NRIs. | CIC |
