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        Case ID :

        16 FDI Proposals Worth Rs. 923.55 Crore Approved.

        June 7, 2011

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        Press Information Bureau
        Government of India
        Ministry of Finance

        07-June-2011 17:04 IST

        16 FDI Proposals Worth Rs. 923.55 Crore Approved  

        Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on May 20, 2011, the Central Government has approved16 Proposals of Foreign Direct Investment (FDI) amounting to Rs. 923.55 crore approximately. 

         Following 16 (Sixteen) proposals have been approved.

         Sl. No.

        Name of the applicant

        Particulars of the proposal

        FDI/NRI inflows (` In crore)

        FOOD PROCESSING INDUSTRIES

        1

        M/s Global Gourmet Pvt. Ltd., Gujarat

        Ex-post facto approval for issue of shares on partly paid basis to undertake processing of all kinds of vegetarian foods/ non-vegetarian foods and beverages.

        4.8

        INFORMATION & BROADCASTING

        2

        M/s Vogel Business Media India Pvt. Ltd., Mumbai

        Induction of FDI up to 100 per cent to carry out the business of publishing/ printing of scientific and technical magazines/ specialty journals/periodicals.

        0.01

        SHIPPING

        3

        M/s Oasis Shipping Pvt. Ltd., Mumbai

        Ex-post-facto approval for conversion of operating company into operating cum investing company.

        Nil

        URBAN DEVELOPMENT

        4

        M/s Tredegar Film Products India Pvt. Ltd., Mumbai

        To allot equity shares in lieu of amount paid by the foreign parent company for purchase of plot prior to incorporation of the Indian WoS.  The Indian company is engaged in the manufacturing of non woven laminate films for packaging.

        Nil

        INFORMATION & BROADCASTING

        5

        M/s What’s On India Media Pvt. Ltd.

        Induction of foreign equity by way of issue of preference shares to carry out the business of TV channel license for up-linking a non-news and current affairs TV channel.

        0.99

        6

        M/s Star News Broadcasting Ltd. (Touch Tele Content (I) Ltd.)

        Ex post facto approval on the advice of RBI.  The company is engaged in the business of providing support services to other media companies and to undertake the business of creating owning and distributing non news and current affairs television channels.

        No Fresh Inflow

        CHEMICAL & PETROCHEMICALS

        7

        M/s Vivimed Labs Ltd., Bangalore

        Ex-post-facto approval for issue of warrants to undertake manufacturing of organic chemicals and pharmaceuticals.

        3.75

        DEFENCE PRODUCTION

        8

        M/s Park Controls &Communications Ltd., Bangalore

        Ex-post-facto approval for induction of foreign investment to carry out the defence related activity.

        0.10

        INFORMATION & BROADCASTING

        9

        M/s Telephoto Entertainments Ltd.,(Name changed to M/s Picture house Media Ltd.) Tamil Nadu

        To issue warrants to carry out the business of film and entertainment industry.

        5.00

        PETROLEUM & NATURAL GAS

        10

        M/s Selan Exploration Technology Ltd., Delhi

        Ex-post-facto approval for issue of warrant to carry out the business of onshore oil and gas production.

        1.81

        INDUSTRIAL POLICY & PROMOTION

        11

        M/s Goshi India Auto Parts Pvt. Ltd., Delhi & Haryana

        To convert the Suppliers Credit (Machinery Loan) into equity shares to carry out the business of manufacturing and distribution of spare parts.

        No Fresh Inflow

        ROAD TRANSPORT & HIGHWAYS

        12

        M/s Soma Tollways Private Limited, Andhra Pradesh

        Induction of foreign investment in an investing company.

        500.00

        TELECOMMUNICATIONS

        13

        M/s Mango Holding Limited, Bangladesh

        To subscribe to equity shares of an Indian company engaged in the business of manufacturing and Supply of Wireless Equipment by a company from Bangladesh.

        3.33

        HEAVY INDUSTRY

        14

        M/s Omega IceHill Pvt. Ltd.

        To issue shares for consideration other than inward remittances.

        3.76

        DEFENCE PRODUCTION

        15

        M/s Centum Electronics Ltd., Bangalore

        To undertake additional activities related to defence sector.

        No Fresh Inflow

        INDUSTRIAL POLICY & PROMOTION

        16

        M/s L&T Finance Holdings Ltd.

        Permission for Pre-IPO placement of equity shares with eligible non- resident investors.

        400.00


        The following 14 (Fourteen) proposals have been deferred

        Sl. No

        Name of the applicant

        Particulars of the proposal

        1

        M/s Indian Rotorcraft Ltd., Mumbai

        Induction of foreign equity to carry out the business of final assembly of both military and civil versions of helicopters.

        2

        M/s Ashwell Holding Company Pvt. Ltd., Mumbai

        Induction of foreign equity to carry out the business of investing company.

        3

        M/s BNP Paribas S.A. Paris

        To set up a WoS to act as an investing company.

        4

        M/s SightLife USA

        To set up a 100 per cent Charitable Company under Section 25 of the Companies Act.

        5

        M/s Precision Electronics Pvt. Ltd.

        To undertake the additional activity in the defence sector.

        6

        M/s Hughes Communications India Ltd.

        To make downstream investment to carry out the activity relating to telecom sector.

        7

        M/s ASP Sealing Products Ltd.

        Ex post facto approval for transfer of shares   from NRI to NR on the advice of RBI.

        8

        M/s NCBG Holdings, Inc., Cayman Islands

        Induction of foreign equity in an Indian company to undertake the manufacturing of wiring sets including wiring sets of a kind used in vehicles, aircraft, ships or other machinery used in defence industry.

        9

        M/s Natixis Global Asset Management, France

        To invest by way of indirect foreign investment in Pension Fund Subsidiary.

        10

        M/s Pran Beverages (India) Pvt. Ltd., Kolkata

        InductionofforeignequitybyacompanyfromBangladesh.

        11

        M/s Checkmate Services Pvt. Ltd., Gujarat

        Inductionofforeignequityin acompanyengagedinprivatesecurityservices.

        12

        M/s Southern CNG Automobiles India Pvt. Ltd., Kolkata

        InductionofforeignequityinbyacompanyfromBangladesh.

        13

        Mr. M. RezaulHassanand Ms. Monnujan Nargis, Bangladesh

        Expostfactoapprovaltosetup a WOS toundertakethebusinessofSoftwaredevelopmentServicesbycitizens of Bangladesh.

        14

        M/s Interglobe Enterprises Ltd.

        To amend Clause 4 of FC approval relating to approval area of activity.

        The following 7 (Seven) proposals have been rejected: 

        Sl. No

        Name of the applicant

        Particulars of the proposal

        1

        M/s Reynders Label Printing India Pvt. Ltd., Delhi & Haryana

        To issue Fully and Compulsorily Convertible Bonds against the outstanding amount lying in books as “Advance against Exports’ and “Creditors for capital goods and services- foreign counterpart’ to carry out the business of Printing of labels, booklets, etc.

        2

        M/s Status Infin (India) Pvt. Ltd., Hyderabad

        Induction of foreign equity in an investing company providing finances to companies engaged in power, infrastructure and emerging sectors in India.

        3

        M/s Anuradha Holdings Pvt. Ltd., Bangalore

        Transfer of shares by way of share swap to carry out the business of project development, consultancy and management activities. 

        4

        M/s AssystemIndiaPvt. Ltd., Bangalore

        Conversion of advance for the execution of future project into equity shares to carry out the business of engineering services and application oriented research in various engineering, information and communication technologies primarily in Aerospace, Automotive and Energy.

        5

        M/s AOS Holding India S.A.S. France

        To set up a JV company to undertake the business of Real estate agents, brokers and managers engaged in renting, buying and selling, managing and appraising real estate on a contract or fee basis. Architectural and engineering and other technical consultancy activities.

        6

        M/s Amrit Jal Venture Pvt. Ltd.

         

        Transfer of shares by way of swapping equity shares  in lieu of  acquisition of existing  investments  of foreign collaborator held in the three SPVs.

        7

        M/s I-Velozity India Pvt. Ltd.

        To make an amendment in clause 2 of existing FC approval to allow for undertaking additional activities.

        The following 02 (Two) proposals have been withdrawn from the Agenda. 

        Sl. No

        Name of the applicant

        1

        M/s Gebr. Ewald GmbH, Germany

        2

        M/s First Apex Software Technologies Pvt. Ltd.

         The following 02 (Two) proposals have been withdrawn from the Agenda on the request of the applicants.     

         Sl. No

        Name of the applicant

        1

        M/s PTC India Financial Services Ltd., Delhi & Haryana

        2

        M/s Tata Steel Ltd.

        The following 01 (One) proposal has been recommended for the consideration of CCEA, as the investment involved in the proposal is above Rs.  1200.00 crore.   

        Sl. No

        Name of the applicant

        Particulars of the proposal

        FDI/NRI inflows

        (` In crore)

        1

        M/s Cals Refineries Ltd., Delhi & Haryana

        To issue equity shares in the form GDRs against supply of refinery equipment.

        1425.00

        (against import of second hand machinery)

        DSM/SS/G

        Foreign Direct Investment approvals: government cleared multiple sectoral proposals enabling FDI inflows and regulatory clearances. The Central Government approved 16 FDI proposals totalling approximately Rs. 923.55 crore across diverse sectors, including ex post facto approvals and issuances of warrants, preference shares or equity for activities ranging from food processing and broadcasting to road transport, petroleum and defence. Fourteen proposals were deferred for further scrutiny due to sectoral or structural issues; seven proposals were rejected for reasons including contested share swaps and conversions; four proposals were withdrawn; and one large proposal was recommended to the Cabinet Committee on Economic Affairs because the investment exceeded the delegated threshold.
                          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 enabling FDI inflows and regulatory clearances.

                                The Central Government approved 16 FDI proposals totalling approximately Rs. 923.55 crore across diverse sectors, including ex post facto approvals and issuances of warrants, preference shares or equity for activities ranging from food processing and broadcasting to road transport, petroleum and defence. Fourteen proposals were deferred for further scrutiny due to sectoral or structural issues; seven proposals were rejected for reasons including contested share swaps and conversions; four proposals were withdrawn; and one large proposal was recommended to the Cabinet Committee on Economic Affairs because the investment exceeded the delegated threshold.





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