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        News and Press Release

        Department of Economic Affairs disposes six (6) FDI proposals aggregating to foreign investment of ₹ 85.45 crore in September 2017

        October 10, 2017

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        During the month of September 2017, the Department of Economic Affairs has disposed of six FDI proposals aggregating to foreign investment of ₹ 85.45 crore, as per details attached.

        The following four (04) proposals have been approved:

        S. No

        Name of the applicant

        Gist of the proposal

        FDI (Rs.  in crore)

        1

        Aashiyaan Housing & Development Finance Pvt Ltd

        Approval for foreign investments from M/s Insitor Impact South Asia Pte Ltd, Singapore and M/s Oikocredit Ecumenical Development Cooperative Society U.A, Netherlands (‘Foreign Investors’) to commence its operations as a micro housing finance company in eastern India focusing on Tier II and Tier III towns and surrounding rural areas.

        10.00

        2

        India Ports & Logistics Pvt Ltd

        Acquisition of additional stake of up to 70.40% of M/s India Ports & Logistics Private Limited by M/s Bollore Africa Logistics SAS

         75.35

        3

        Principal Pnb Asset Management Pvt Ltd

        Post-facto approval for the indirect foreign investment made in M/s MF Utilities India Private Limited

        0.05

        4

        Invesco Asset Management Pvt Ltd

        Post-facto approval for the indirect foreign investment made in M/s MF Utilities India Private Limited

        0.05

                     The following one (01) proposal has been withdrawn: 

        S. No

        Name of the applicant

        Gist of the proposal

        1

        CRISIL Ltd

        Undertaking peer-to-peer lending platform business by itself or through one of its subsidiaries.

                     The following one (01) proposal does not lie before DEA: 

        S. No.

        Name of the applicant

        Gist of the proposal

        1

        HSBC Securities and Capital Markets (India) Pvt Ltd

        Merger of the approval letter no FCII 229(1994)/300(1994) dated 13.05.1994 (read along with 18 amendments) and approval letter no FC II 160(2005)/157(2005) dated 21.06.2005;

        Incorporating a wholly owned subsidiary(WoS) which will act as a trustee company to HSBC Mutual Fund; and

        HSBC Invest Direct Financial Services (India) Limited [WoS of HSBC Invest Direct (India) Ltd] to engage into additional activities – referral services.

        Foreign Direct Investment approvals: Department cleared four proposals and recorded one withdrawal and one non-DEA matter. Department of Economic Affairs disposed six FDI proposals totaling Rs. 85.45 crore: four approvals (including commencement of a micro housing finance company, acquisition of majority stake in India Ports & Logistics, and post-facto approvals for indirect investments in MF Utilities), one withdrawal of a CRISIL peer-to-peer lending proposal, and one proposal (HSBC corporate/structural changes) found not to lie before the Department.
                          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: Department cleared four proposals and recorded one withdrawal and one non-DEA matter.

                                Department of Economic Affairs disposed six FDI proposals totaling Rs. 85.45 crore: four approvals (including commencement of a micro housing finance company, acquisition of majority stake in India Ports & Logistics, and post-facto approvals for indirect investments in MF Utilities), one withdrawal of a CRISIL peer-to-peer lending proposal, and one proposal (HSBC corporate/structural changes) found not to lie before the Department.





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                                ActsIncome Tax
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