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        Case ID :

        31 Proposals of FDI Amounting to Rs. 3844.70 Crore Approved.

        July 19, 2011

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        Press Information Bureau
        Government of India
        Ministry of Finance

        19-July-2011 17:58 IST

        31 Proposals of FDI Amounting to ` 3844.70 Crore Approved

         

         

                    Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on July 6, 2011, Government has approved 31 Proposals of Foreign Direct Investment amounting to 3844.70 crore approximately. 

                                                                                                                                                                                                                                                                                                              

                    Details of Proposals considered in the Foreign Investment Promotion Board (FIPB) Meeting held on 06.07.2011     

                    Following 31 (Thirty one) proposals have been approved.

        Sl. No.

        Name of the applicant

        Particulars of the proposal

        FDI/NRI inflows (Rs. In crore)

        CIVIL AVIATION

        1

        M/s Celebi Hava Servisi A.S. Turkey

        Transfer of shares from Non Resident (NR) to NR to carry out the third party Ground Handling Services at Mumbai Airport.

        No Fresh Inflow

        CORPORATE AFFAIRS

        2

        M/s Cox & Kings Ltd., Mumbai

        To allot warrants together with secured redeemable non-convertible debentures (“NCDs”) and/or equity shares and/or convertible securities other than warrants (“Convertibles”), through a Qualified Institution Placement (QIP) to the non-resident Qualified Institutional Buyers (QIBs) to carry out the business of Leisure travel services, corporate travel services, visa processing services and foreign exchange services.

        750.00

        ECONOMIC AFFAIRS

        3

        M/s Europ Assistance India Pvt. Ltd., Mumbai

        Ex-post-facto approval for conversion of pre-incorporation expenses to carry out the business of providing services related to travel, automobile and medical and act as logistic inhouse for travel related activity.

        0.15

        4

        M/s GGV Managerial Services Pvt. Ltd., Hyderabad

        To issue shares against the amount received upon termination of the lease to carry out the business of development and implementation of managerial and technical support systems for processing, electronic filing, accounting processes, expense management, budgeting.

        0.16

        5

        M/s InMobi Technologies Pvt. Ltd., Bangalore

        Transfer of shares by way of share swap to carry out the business of Developing software and licensing it to Advertising Network related business.

        No Physical inflow

        6

        M/s Vertex Securities Ltd.

        Ex-post-facto approval for non-compliance of minimum capitalization norms.

        1.70

        FINANCIAL SERVICES

        7

        M/s Deepshikha Trading Company Pvt. Ltd., Kolkata

        To allow conversion of non repatriable shares purchased on payment of foreign exchange into repatriable shares, so as to enable its sale to Resident companies.

        No Fresh Inflow

        8

        M/s Asia Pragati Capfin Pvt. Ltd., Delhi

        Conversion of an operating company into  an operating cum investing company to make downstream investment in various Indian companies, including Venture Capital Funds, Private Equity Funds and Mutual Funds.

        No Fresh Inflow

        9

        M/s Multiples Pvt. Equity Fund – Scheme-1, Mumbai

        To issue units, to make investments in securities of the Indian companies and to distribute income realized on its investment.

        1000.00

        INFORMATION & BROADCASTING

        10

        M/s Big Showbiz Broadcast Ltd., Delhi

        Induction of foreign equity and conversion of operating company into an operating cum investing company to invest, from time to time, in other companies engaged in, or proposing to engage in, up-linking and down-linking of non-news and non-current affairs television channel and/or related activities.

        79.14

        POWER

        11

        M/s Hinduja Energy (India) Ltd., Mumbai

        Induction of foreign equity into an Indian company which does not have any operations and also does not have any downstream investments.

        400.00

        STEEL

        12

        M/s Stemcor Holdings Ltd., UK

        Acquisition of shares by way of share swap in mining sector.

        No Fresh Inflow

        TOURISM

        13

        M/s Middle East Hotel Company Pvt. Ltd., Kerala

        Ex-post-facto approval from for (i) transfer of shares from NRIs (acquired from their Rupee resources as Residents) to NR Company, (ii) conversion of non-repatriable equity into repatriable equity which was from their rupee resources and (iii) payment of sale consideration by NR in INR.  The company is engaged in the business of hotels & restaurants.

        No Fresh Inflow

        URBAN DEVELOPMENT

        14

        M/s Brahma Center Development Pvt. Ltd., Delhi

        To issue equity shares against the initial bid amount paid to HSIIDC to carry out the business of Builders, developers & infrastructural contractors.

        62.00

        COMMERCE

        15

        M/s Ferragamo International B.V. Netherlands (M/s Ferragamo Retail India Pvt. Ltd.

        Change of name of the foreign collaborator due to internal restructuring of the group and subsequent merger.  The company is engaged in the business of single brand retailing.

        Nil

        ECONOMIC AFFAIRS

        16

        M/s Ghir Investments (Mauritius) Ltd.

        Amendment in FC approval for increase in foreign equity percentage in an investing company.

        Included in earlier approval

        INFORMATION & BROADCASTING

        17

        M/s Ortel Communications Ltd.

        To issue equity shares to NR to the extent that the foreign shareholding in the company post the issue shall remain within the ceiling of 49% of its paid equity share capital.  The company is engaged in the business of building hybrid fibre coaxial (HFC) communications network to provide a range of telecom value added services such as High Speed Internet Access, Cable Television and Basic Telephony, E-Commerce, and Video Conferencing.

        Not available

        18

        M/s G+J International Magazines GmbH, Germany

        To increase foreign equity percentage to carry out the business of publication and sale of speciality and life style magazines.

        21.54

        ECONOMIC AFFAIRS

        19

        M/s Natixis Global Asset Management, France

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

        300.00

        20

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

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

        852.60

        21

        M/s BNP Paribas S.A. Paris

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

        225.00

        DEFENCE PRODUCTION

        22

        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.

        4.45

        INDUSTRIAL POLICY & PROMOTION

        23

        M/s Precision Electronics Pvt. Ltd.

        To undertake the additional activity in the defence sector.

        No Inflow

        24

        M/s Interglobe Enterprises Ltd.

        To set up separate joint venture companies to run duty free shops at specified International Airports.

        Nil

        PETROLEUM & NATURAL GAS

        25

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

        Induction of foreign equity by a company from Bangladesh.

        4.59

        TELECOMMUNICATIONS

        26

        Mr. M. Rezaul Hassan and Ms. Monnujan Nargis, Bangladesh

        Ex post facto approval to set up a WOS to undertake the business of Software development Services by citizens of Bangladesh.

        0.01

        ECONOMIC AFFAIRS

        27

        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.

        45.00

        INDUSTRIAL POLICY & PROMOTION

        28

        M/s Mecords India Ltd.

        Ex-post-facto approval for issue of partly paid up equity shares.

        17.36

        29

        M/s Ybrant Digital Ltd.

        Ex post facto approval for issue of warrants to carry out the business of Software Development, IT and IT enabled services.

        45.00

        30

        M/s Amrit Jal Ventures 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.

        Nil

        TELECOMMUNICATIONS

        31

        M/s B4U Television Network (India) Pvt. Ltd.

        Induction of foreign equity by an erstwhile OCB to carry out the business of up-linking a non-news and current affairs TV channel.

        36.00

        The following 18 (Eighteen) proposals have been deferred:

        Sl. No

        Name of the applicant

        Particulars of the proposal

        1

        M/s Allcargo Global Logistics Ltd., Mumbai

        Ex post facto approval to issue and allot optionally convertible warrants to carry out the business of logistics business comprise of the Multi-modal Transport Operations, Inland Container Depot/Container Freight Stations, Project Cargo Handling, Equipment Hiring, Warehousing.

        2

        M/s Spiral EHL Engineering Pvt. Ltd., Delhi & Haryana

        Induction of foreign equity to carry out the business of manufacturing military aero structures and other related items and services.

        3

        M/s JAS Forwarding Worldwide Pvt. Ltd., Delhi & Haryana

        Ex-post–facto approval for issue of shares against advance received.

        4

        M/s Kae Capital Trustee Company Pvt. Ltd., Mumbai

        Induction of foreign equity in a Fund to undertake the business of making investment in various portfolio companies.

        5

        M/s Financial Planning Corporation India Pvt. Ltd., Mumbai

        To undertake the additional activity of publishing speciality journal/magazines pertaining to various aspects of financial planning.

        6

        M/s Fine Publishing India Pvt. Ltd., Delhi

        Induction of foreign equity to carry out the business of publishing specialty technical magazines covering the subject of wine and champagne.

        7

        M/s IPFonline Ltd., Chennai

        Induction of foreign equity by way of downstream investment to carry out the business of publishing/printing of technical magazines/ periodicals/journals.

        8

        M/s Cordia International Corp., USA

        To increase shareholding from 49 percent to 74 percent to carry out the business of telecommunication and act as a services provider. Services include but are not limited to the provision of IP communication services and related services, technology related products and services, web hosting, collection and ISP services.

        9

        M/s Air Works India (Engineering) Pvt. Ltd.

        To act as investing-cum-operating company to make downstream investments in companies in India, engaged in the aviation services business.

        10

        M/s Dish TV India Ltd.

        Transfer of shares from NR to NR to carry out the business of telecommunication equipment and provide management and marketing of ‘agrani’ services i.e. in the area of Mobile Satellite Communications.

        11

        M/s Walt Disney Company India Pvt. Ltd.

        To undertake the additional activity of Broadcasting and downlinking.

        12

        M/s Vodafone Essar Ltd.

        Transfer of shares from NR to NR to carry out the activities relating to Telecommunication.

        13

        M/s G4S Security Services (India) Pvt. Ltd., Delhi & Haryana

        Ex-post-facto approval for induction of foreign equity to carry out the business of providing security services.

        14

        M/s Hughes Communications India Ltd.

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

        15

        M/s UT Starcom India Telecom Private Limited

        To undertake additional activity relating to Telecom/I&B sector.

        16

        M/s Essar Capital Holdings (India) Ltd., Mumbai

        Acquisition of equity shares by way of subscription to new equity shares and/or purchase of existing equity shares in an investing company engaged in the telecom sector.

        17

        M/s Harsh Intertrade Private Limited, Ahmedabad

        Ex-post-facto approval for allotment of shares against the amount received and kept in Escrow account.  The company is engaged in the business of Development and Management of Hotels.        

        18

        M/s Shiva Regency Pvt. Ltd., Ahmedabad

        Ex-post-facto approval for allotment of shares against the amount received and kept in Escrow account.  The company is engaged in the business of Development and Management of Hotels.

        The following 3 (Three) proposals have been rejected:

        Sl. No

        Name of the applicant

        Particulars of the proposal

        1

        M/s Goldshield Group Ltd.

        To exit from the real estate business by way of either or any combination as under:-

        (i) Repatriation of cash/bank balance; and/or (ii) Sale of undeveloped land and repatriation of such sale proceeds to the applicant after payment of relevant taxes and compliance with regulatory laws of India; and/or (ii) Sale of shares to Indian company.

        2

        M/s Verizon Communications India Pvt. Ltd.

        Transfer of equity shares from non-resident shareholder to non-resident group in Telecom Sector.

        3

        M/s ASP Sealing Products Ltd.

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

        The following 2 (Two) proposals have been advised to access automatic route. 

        Sl. No

        Name of the applicant

        Particulars of the proposal

        FDI/NRI inflows

        (` in crore)

        1

        M/s Dhruv Axon Interconnect Pvt. Ltd., Karnataka

        To undertake the additional activities of an Indian Defence Offset Partner by supplying certain components to manufacturers and suppliers of products for the defence sector under the Defence Offset Policy.

        0.02

        2

        M/s SightLife USA

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

        0.05

        The following 1 (One) proposal has been withdrawn from the Agenda. 

        Sl. No.

        Name of the applicant

        1

        M/s TM Harbour Services Pvt. Ltd.

        DSM/SS/GN

         

        Foreign direct investment approvals: multiple sectoral proposals cleared, with others deferred, rejected, and advised for automatic route. Approval was granted for 31 foreign direct investment proposals across multiple sectors for actions including induction of foreign equity, share transfers, QIP placements, unit issues and ex post approvals; 18 proposals were deferred, three rejected, two advised for the automatic route, and one withdrawn, with approvals covering both fresh inflows and transactions involving no fresh inflow or share swaps.
                          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: multiple sectoral proposals cleared, with others deferred, rejected, and advised for automatic route.

                                Approval was granted for 31 foreign direct investment proposals across multiple sectors for actions including induction of foreign equity, share transfers, QIP placements, unit issues and ex post approvals; 18 proposals were deferred, three rejected, two advised for the automatic route, and one withdrawn, with approvals covering both fresh inflows and transactions involving no fresh inflow or share swaps.





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