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        Case ID :

        14 FDI Proposals Worth Rs. 1289.85 Crore Approved

        March 23, 2011

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        Press Information Bureau
        Government of India
        Ministry of Finance

        23-March-2011 17:29 IST

        14 FDI Proposals Worth Rs. 1289.85 Crore Approved                                       

        Basedonthe recommendations ofForeignInvestmentPromotionBoard(FIPB) in itsmeetingheld onMarch11, 2011,Government of Indiahasapproved14 Proposals of ForeignDirectInvestment  (FDI) amountingtoRs. 1289.85 crore approximately. 

        Following 14 (Fourteen) proposals have been approved.

         

        Sl. No.

        Name of the applicant

        Particulars of the proposal

        FDI/NRI inflows

        (Rs. in crore)

        CONSUMER AFFAIRS

        1

        M/s MFGlobalSifySecuritiesIndiaPvt. Ltd., Mumbai

        Ex-post factoapproval(i)forsettingup ofstepdownsubsidiaries,includinginCommodityBrokingand(ii) touseinternalaccruals/free reserves tomakedownstreaminvestmentsrequiredtomeettheminimumcapitalizationnorms. 

        Nofreshinflow

        ECONOMIC AFFAIRS

        2

        M/s UnihornIndiaPvt. Ltd., Delhi & Haryana

        Ex-post factoapprovalforissueandallotmentof partlypaidupRightsEquityshares tocarryoutthebusinessoftechnicalandengineeringconsultants, advisors, planners, engineeringforconstructionof roads, airports and bridges.

        1.24

        3

        M/s Ghir Investments (Mauritius) Ltd.,Mauritius

        Inductionofforeignequityin anInvestingcompany.

        530.00

        ECONOMIC AFFAIRS

        4

        M/s VRL Logistics Ltd.

        Inductionofforeigninvestmentthrough an IPOtocarryoutthebusinessoftransportationofgoodsandpassengers,Courierservicesotherthanpostalservices, aircraftcharterservices, andwindpowergeneration, involving theinstallationandsaleofelectricityproducedbywind power generators.

        Notindicated

        INDUSTRIAL POLICY & PROMOTION

        5

        M/s PCRD Services Pte. Limited,Singapore

        Toincreasetheforeignequitypercentagein aninvestingcompany.

        4.05

        CHEMICALS & PETROCHEMICALS

        6

        M/s Vivimed Labs Ltd.,Hyderabad

        Transferofsharesbyway ofshare swap.

        Nil

        INDUSTRIAL POLICY & PROMOTION

        7

        M/sTrigunaHospitalityVentures (India) Pvt. Ltd.

        Toamendtheclauseof the FCapprovaltoincludeanewforeigncollaborator in aninvestingcompany.

        Nil

        8

        M/s Taksheel Solutions Ltd.

        Expostfactoapprovalfortransferof sharesbyway ofshares swap.

        Nil

        9

        M/s Dhunseri Investments Ltd., Kolkata

        Toissueandallotequityshares to the non-residentshareholdersconsequentupon demerger.

        715.00

        INFORMATION & BRAODCASTING

        10

        M/s G+JInternationalMagazines GmbH,Germany

        Inductionofforeignequitytocarryoutthebusinessofpublicationandsaleof speciality andlifestylemagazines inIndia.

        7.35

        POWER

        11

        M/s KyudenInternationalCorporation,Japan

        Tosetup a JVcompanytoactasaninvestingcompany tomakedownstreaminvestmentin thebusinessofdevelopingandestablishing renewablepowerprojects.

        1.625

        SHIPPING

        12

        M/s Pipavav Shipyard Ltd.,Gujarat

        Toundertakeadditionalactivityrelating todefencesector.

        Nil

        TOURISM

        13

        M/s OryxAviation(India) Pvt. Ltd., Kolkata

        InductionofforeignequitybyacompanyfromBangladeshtocarryoutthebusinessof General Services Agent.

        0.99

        REVENUE

        14

        M/s GremachInfrastructureEquipments & ProjectsLimited

        Ex-post factoapprovalforissueof warrants.  The company is engaged in the business ofprovidingequipmentsonrentalforinfrastructureprojects.

        29.60

                    The following 27 (Twenty seven) proposals have been deferred:

        Sl. No

        Name of the applicant

        Particulars of the proposal

        1

        M/s Forbo Holding AG,Lindenstrasse,Switzerland

        Tosetup anewWoS toundertakethebusinessof manufacturing, sale, distribution, lease,importandexportofpowertransmissionbelts,sophisticatedconveyorandprocessingbelts as well as plasticmodular, timing andflatbeltsmadeof syntheticmaterials andotherrelatedmachines andtools.  The proposalattracts para 4.2.2.2 of Circular 2 of 2010 of the Consolidated FDI policy.

        2

        M/s PunjLloydLtd., Delhi & Haryana

        Toundertakeadditionalactivities of manufacture,assemblyandrepairofdefenceequipment.

        3

        M/s SejongIndustrialCo. Ltd.,RepublicofKorea

        Tosetup anewWoS toundertakethebusinessofmanufacturingandsupplyofautomobilepartsand componentsincludingexhaustmufflerassemblyand catalytic converters.  The proposalattracts para 4.2.2.2 of Circular 2 of 2010 of the Consolidated FDI policy.

        4

        M/s iFastFinancialIndiaPvt. Ltd., Mumbai

        Toengageinthebusinessof publishing magazine.

        5

        M/s Kale Consultants, Pune

        Ex-post-factoapprovalforissueof warrants.  The company is engaged in IT sector.

        6

        M/s ACB (India) Limited,Delhi

        Ex-post-factoapprovalforissueof warrants.  The company is engaged in the business of coal washing and electricity generation.

        7

        M/sOrientalTollways Pvt. Ltd., Delhi & Haryana

        Inductionofforeignequityin anInvestingcompany.

        8

        M/sAlHabtoor-STFA SoilGroupLLC,Dubai, UAE

        Tosetup a WOS toundertakethebusinessof bored piling, shoring,diaphragmwallconstruction,anchoring,sheetpiling, soil improvement, jet grouting, CFA piling, vibro piling,stonecolumns, wick drains,dynamicconsolidation,reversecirculationdrilling inrockandmini piling.  The Proposalattracts provision of para 4.2.2.2 of Circular 2 of 2010 of the Consolidated FDI Policy.

        9

        M/sHarshIntertradePrivateLimited, Ahmedabad

        Ex-post-factoapprovalforallotmentof sharesagainsttheamountreceivedandkeptinEscrowaccount.  The company is engaged in the business of Development and Management of Hotels.           

        10

        11

        M/s Shiva Regency Pvt. Ltd., Ahmedabad

        Ex-post-factoapprovalforallotmentof sharesagainsttheamountreceivedandkeptinEscrowaccount.  The company is engaged in the business of Development and Management of Hotels.

        12

        M/s Rahimafrooz Batteries Ltd.,Bangladesh

        Tosetup a WOS toundertakeimportandwholesaledistributionof batteries andprovidingaftersalesservices inIndiabyacompanyfromBangladesh.

        13

        M/s ArshiyaInternationalLtd., Mumbai

        Ex-post-factoapprovalforissueof warrants tocarryoutthebusinessofprovidinglogistics solutions,integratedsupplychainandlogisticsinfrastructureservices.

        14

        M/s MainiPrecisionProducts Pvt. Ltd.,Bangalore

        Toundertakedefencerelatedadditionalactivities ofmanufactureof partsandaccessoriesof aircrafts, spacecrafts.

        15

        M/s VerizonCommunicationsIndiaPvt. Ltd.

        Transferofequitysharesfromnon-residentshareholdertonon-residentgroupinTelecom Sector.

        16

        M/sPranBeverages (India) Pvt. Ltd., Kolkata

        InductionofforeignequitybyacompanyfromBangladesh.

        17

        M/s Checkmate Services Pvt. Ltd.,Gujarat

        Inductionofforeignequityin acompanyengagedinprivatesecurityservices.

        18

        M/s LokmatMediaLimited, Mumbai

        Inductionofforeignequitybyway ofIPO,includingissuanceandallotmentofequitysharestopersonresidentoutsideIndia,includingFIIs, foreign VCFs,multilateralandbilateralfinancialinstitutions and non-resident Indians tocarryout thebusinessof publishing ofnewspapers dealing with news andcurrentaffairs.

        19

        M/s YbrantDigitalLtd.

        Expostfactoapprovalforissueof warrants tocarryoutthebusinessofSoftwareDevelopment, ITandITenabledservices.

        20

        M/s Southern CNG AutomobilesIndiaPvt. Ltd., Kolkata

        InductionofforeignequityinbyacompanyfromBangladesh.

        21

        M/s RoyaleAsiaCouriers Pvt. Ltd., Chennai

        Inductionofforeignequitytocarryoutthebusinessofinternationalcourieroperations.

        22

        M/s EssarCapitalHoldings (India) Ltd., Mumbai

        Acquisitionofequitysharesbyway ofsubscriptiontonewequity sharesand/orpurchaseofexistingequity shares in aninvestingcompanyengagedin the telecom sector.

        23

        M/s Netmagic Solutions Pvt. Ltd., Mumbai

        Toincreaseforeignequityfrom49percentto 74 per cent tocarryoutthebusinessofISPwith gateways.

        24

        M/s Mango Holding Limited,Bangladesh

        Tosubscribetoequityshares of anIndiancompanyengagedin thebusinessofmanufacturingandSupplyof WirelessEquipmentbya companyfromBangladesh.

        25

        M/s Augere Wireless BroadbandIndiaPvt. Ltd.,Delhi

        Toincreaseforeignequityfrom49percentto 74 per cent tocarryoutthebusinessof Broadbandwireless services,internetservices andothertelecommunicationrelatedservices.

        26

        Mr. M. RezaulHassanandMs.Monnujan Nargis,Bangladesh

        Expostfactoapprovaltosetup a WOS toundertakethebusinessofSoftwaredevelopmentServicesbycitizens ofBangladesh.

        27

        M/s UT StarcomIndiaTelecomPrivateLimited

        Toundertakeadditionalactivityrelating to Telecom/I&B sector.

                    The following 5 (Five) proposals have been rejected:

        Sl. No

        Name of the applicant

        Particulars of the proposal

        1

        M/s Henry LamotteIndiaPvt. Ltd.

        Ex-post-factoapprovalforcapitalisationof the pre-incorporation.  The company engaged in the business of sales of Natural oil, waxes and special ingredients. 

        2

        M/s DieffenbacherIndiaPvt. Ltd., Karnataka

        Ex-post-factoapprovalforcapitalisationof the pre-incorporationandpreliminaryexpensestocarryoutthebusinessofMarketingandsalessupportservices.

        3

        M/s MecordsIndiaLtd., Mumbai

        Ex-post-factoapprovalforissueof partlypaidupequityshares.

        4

        M/s BramptonInfrastructureIndiaPrivateLimited

        (i)Grantofcondonationof delaysinfulfilmentofminimumcapitalizationnorms;and(ii)Postfactoapprovalforcapitalization of pre-incorporationexpenses.

        5

        M/s EverstyleHotelSuppliesIndiaPrivateLimited

        Toissuesharesagainstconsiderationotherthaninternalremittance.

                 The following 1 (One) proposal has been withdrawn from the Agenda on the request of the applicant:   

        Sl. No

        Name of the applicant

        1

        Mr.JaishankarRamchandran, NRI,South Africa

                  The following 04 (Four) proposals have been withdrawn from the Agenda:

        Sl. No.

        Name of the applicant

        1

        M/sEagleHunterSolutions Ltd., Delhi & Haryana

        2

        M/s Abbott Truecare Pharma Pvt. Ltd., Mumbai

        3

        M/s Rajpur HydroPowerPvt. Ltd., Shimla

        4

        M/sPeopleInfocom Pvt. Ltd., Mumbai

         
        DSM/BY/GN
        Foreign direct investment approvals and regulatory dispositions issued; approvals, deferrals, rejections, and withdrawals set compliance priorities. Foreign direct investment regulatory dispositions announced 23 March 2011 record approval of fourteen FDI proposals across multiple sectors for actions including ex post facto approvals, induction or increase of foreign equity, share transfers, IPO related foreign investment, downstream investment and JV formation; twenty seven proposals were deferred due to sectoral sensitivities or policy exceptions; five proposals were rejected for retrospective capitalisation or non compliance with minimum capitalization norms; one proposal was withdrawn by the applicant and four were withdrawn from the agenda.
                          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 and regulatory dispositions issued; approvals, deferrals, rejections, and withdrawals set compliance priorities.

                                Foreign direct investment regulatory dispositions announced 23 March 2011 record approval of fourteen FDI proposals across multiple sectors for actions including ex post facto approvals, induction or increase of foreign equity, share transfers, IPO related foreign investment, downstream investment and JV formation; twenty seven proposals were deferred due to sectoral sensitivities or policy exceptions; five proposals were rejected for retrospective capitalisation or non compliance with minimum capitalization norms; one proposal was withdrawn by the applicant and four were withdrawn from the agenda.





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