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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

Topics

Acts Income Tax
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