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        News and Press Release

        Department of Economic Affairs disposes three (3) FDI proposals aggregating to foreign investment of ₹ 24.56 crore during October 2017

        November 2, 2017

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        During the month of October 2017, the Department of Economic Affairs has disposed of three FDI proposals aggregating to foreign investment of ₹ 24.56 crore, as per details attached.

        The following two (02) proposals have been approved:

        S. No

        Name of the applicant

        Gist of the proposal

        FDI (Rs.  in crore)

        1

        Sterling Commerce Solutions India Pvt Ltd

        The applicant being an investing company had sought approval for issue of shares to the shareholders of three wholly owned subsidiaries of IBM India Pvt Ltd upon their merger with the applicant.

        24.56

        2

        Arval India Pvt Ltd

        To undertake the activity of financial lease in addition to the current activity of operating lease.

        Nil

                     The following one (01) proposal has been returned to the applicant, as it is premature:

         S. No

        Name of the applicant

        Gist of the proposal

        1

        Ivanhoe India Equities Inc.

        To provide investment advisory services to overseas entities by a yet to be incorporated Indian investee company.

        FDI approvals and procedural return: approvals for share issuance on merger and expansion to financial leasing, one proposal returned. The Department of Economic Affairs disposed three FDI proposals in October 2017: two approvals and one returned as premature. Approved matters included equity issuance tied to a merger of subsidiaries into an investing company, and expansion of an Indian lessor's activities to include financial leasing alongside operating leasing. The returned proposal sought to authorise a yet-to-be-incorporated Indian investee to provide investment advisory services to overseas entities and was returned because the application was premature.
                          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.

                                FDI approvals and procedural return: approvals for share issuance on merger and expansion to financial leasing, one proposal returned.

                                The Department of Economic Affairs disposed three FDI proposals in October 2017: two approvals and one returned as premature. Approved matters included equity issuance tied to a merger of subsidiaries into an investing company, and expansion of an Indian lessor's activities to include financial leasing alongside operating leasing. The returned proposal sought to authorise a yet-to-be-incorporated Indian investee to provide investment advisory services to overseas entities and was returned because the application was premature.


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