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Finance Minister, Shri P. Chidambaram has approved 34 Foreign Direct Investment proposals recommended by Foreign Investment Promotion Board (FIPB) in its meeting held on 18th January, 2008. The approval amounts to Rs. 2288.40 crore. The proposals are related to Ministries/Departments, namely, Chemicals & petro-chemicals, Commerce, Health & Family Welfare, Industrial Policy & Promotion, Information & Broadcasting, Posts, Telecommunications, Urban Development and Economic Affairs. The major investment proposals pertain to the Ministries/Departments of Commerce, Information & Broadcasting, Telecommunications, Urban Development and Economic Affairs.
The details of the proposals approved are as follows:
Sl. No. | Name of the applicant | Particulars of the proposal | FDI/NRI inflows (Rs. In crore) |
COMMERCE
1. | M/s. Crystal Ball Fashion Pvt. Ltd | Induction of foreign equity upto 50% in a company propose to be engaged in Single Brand trading | 1.50 |
2. | M/s. ZF Lenksysteme GmbH, Germany | To set up a Joint Venture company with a foreign equity of upto 74% to undertake manufacture of steering system for commercial vehicles as well as passenger cars. | 0.74 |
3 | M/s. Transmarket Group Research (India) Pvt. Ltd. Mumbai | Induction of foreign equity in a company propose to undertake the activities of commodity trading | 3.1 |
4 | M/s. Acumen Fund, USA | Induction of foreign equity up to 36.37% in a company engaged in trading of items sourced from Small Scale Sector | 55.28 |
INFORMATION & BROADCASTING
5 | M/s. Vijay Television Pvt. Ltd. Chennai | Increase in paid up capital and to undertake the activities of up-lining of non-news and current affairs television channels | 34.00 (approx) |
INDUSTRIAL POLICY & PROMOTION
6 | M/s. Russell Square Holdings BV, Netherlands | To set up a WOS to undertake the business of providing entire range of market and other related services. | 0.40 |
POSTS
7 | M/s. ELBEE Express Private Limited, Mumbai | Post-facto approval for FDI participation upto 2.25% in a company engaged in the business of providing courier and logistics services | No fresh inflow |
ECONOMIC AFFAIRS
8 | M/s. Matrix Publicities and Media India Pvt. Ltd. Mumbai | Conversion of operating company into operating cum holding company and to make downstream investment | 0.25 |
9 | M/s. GS Strategic Investments Ltd., Mauritius | Induction of foreign equity in an operating company and conversion of the operating company into a holding company for undertaking downstream investments | 180.00 |
10 | M/s. Neha International Ltd, Hyderbad | Transfer of shares by way of share swap | No fresh inflow |
11 | M/s. IL & FS Trust Company Ltd, Mumbai | Accept contributions from the offshore fund into the Trust and to issue class B units and making investment in existing securities etc. | 290.00 (Approx) |
12 | M/s. Radiant Infosystems Pvt. Ltd. Bangalore | Transfer of shares by way of share swap | No fresh inflow |
13 | M/s. Wisdom Global Enterprises Ltd, Mumbai | Induction of foreign equity and Conversion of operating company into a holding company to make downstream investment | 200.00 |
CHEMICALS & PETROCHEMICALS
14 | M/s. Colorcon Ltd., | Deletion of divestment condition | No fresh inflow |
INFORMATION & BROADCASTING
15 | M/s. NDTV Networks LC, London | conversion of operating company into operating-cum-holding company for making downstream investments | 19.38 |
16 | M/s. Dish TV India Ltd. | Induction of foreign equity by way of issue and allotment of shares and warrants convertible into shares within a period of 18 months | 0.25 |
17 | M/s. UTV Software Communications Ltd. | Issue of FCCBs. Induction of FDI in the company engaged in up-linking of non-news and current affairs channels need the approval of FIPB | 400.00 |
COMMERCE
18 | M/s. Signature Kitchens India Pvt. Ltd. | Induction of foreign equity in a company engaged in trading of "Signature Kitchen" single brand products | 0.3850 |
ECONOMIC AFFAIRS
19 | M/s. Media Transasia India (P) Ltd., | Conversion of operating company into operating cum holding company, for downstream investment in publication of specialty magazine. | No fresh inflow |
TELECOMMUNICATIONS
20 | M/s. Global Assets Holding Corporation Private Limited, Mumbai | Induction of foreign equity and conversion of operating company into operating cum holding company to make downstream investment in Telecom sector. | 580.00 |
21 | M/s. Transcend Infrastructure Limited, Kolkata | Induction of foreign equity in a company engaged in Infrastructure provider - Category-I services | 0.15 |
ECONOMIC AFFAIRS
22 | M/s. Bonsai International Pvt. Ltd. Mumbai | Induction of FDI upto 31.67% in an investing company | 4.56 |
INFORMATION & BROADCASTING
23 | M/s. B.A.G. Films & Media Limited, Noida | Induction of foreign equity by way of issue of Foreign Currency Convertible Bonds (FCCBs) in a holding company having downstream investment in the companies to be engaged in up-linking news channels, non-news channels and FM Radio | 40.00 |
24 | M/s. Russell Square Holding BV, Netherlands | Induction of foreign equity upto 90% in a company engaged in event management activities. Proposal attracts Press Note 1 (2005 series) | 8.17 |
ECONOMIC AFFAIRS
25 | M/s. Mahindra Forgings Ltd., Pune | Transfer of shares by way of share swap basis consequent upon the merger | No fresh inflow |
INFORMATION & BROADCASTING
26 | M/s. You Broadband Networks India Pvt. Ltd. | Change in the status of operating company into an operating cum holding company for making downstream investments upto 49% in a company engaged in Cable network business | No fresh inflow |
COMMERCE
27 | M/s. Sampad Vikas Ltd, Kolkata | Induction of foreign equity in a company engaged in the business of Tea production | 17.18 |
28 | M/s. Daiichi Sankyo Company Ltd, Japan | Induction of foreign equity upto 100% by way of acquisition and fresh induction in a company engaged in the manufacture of pharmaceutical products and formulations | 25.00 |
ECONOMIC AFFAIRS
29 | M/s. Fatpipe Network India Private Limited, Chennai | Transfer of shares between the foreign collaborator and the Indian company by way of amalgamation and also transfer of shares by way of share swap | No fresh inflow |
30 | M/s. Lakecrest Ld, Cyprus | Conversion of operating company into operating-cum-holding company to undertake downstream investment | 400.00 |
31 | M/s. JSW Energy Ltd, Mumbai | Post-facto approval for the FDI in an Indian company which has holding company operations in power sector | No fresh inflow |
INDUSTIRAL POLICY & PROMOTION
32 | M/s. Saraf Agencies Pvt. Ltd. Kolkata | Change in the foreign collaborator in a company which has got approval for FDI upto 55% engaged in manufacture of Titanium products | No fresh inflow |
URBAN DEVELOPMENT
33 | M/s. Starlight Real Estate (ASCOT) Mauritius Ltd | Induction of foreign equity from Starlight Investment UK into Augustus Avani Land Developers Ltd. ( * ) | 26.00 |
INFORMATION & BROADCASTING
34 | M/s. B.A.G. Films & Media Ltd, Noida | Induction of foreign investment in a holding company having downstream investment in the companies to be engaged in up-linking news channels, non-news channels and FM Radio | 2.05 |
(*) Repatriation of investment before the completion of minimum lock-in period of 3 years in Orlanda Real estate India Ltd (rejected)
2. The proposal of M/s. Hindustan Coca-cola Pvt. Ltd. has been recommended for the consideration of Cabinet Committee on Economic Affairs (CCEA).
3. The following 4 (four) proposals have been recommended to be deferred:
Sl.No | Name of the applicant | Particulars of the proposal |
1 | M/s. Daimler AG., Germany | To set up a Joint venture company with a foreign equity of upto 60% to undertake designing, manufacturing and selling of commercial vehicles . Proposal attracts Press Note 1 (2005 series) |
2 | M/s. Continental Air Express Pvt. Ltd. New Delhi | Induction of foreign equity up to 60% in a company engaged in courier services |
3 | M/s. HT Media Ltd. | Transfer of shares by way of share swap |
4 | M/s. Bycell Telecommunications | To undertake activities of offering GSM based cellular telephone services under UAS License agreement all over India, and increase in paid up capital of the company. |
4. The following (3) proposals have been rejected:
Sl.No | Name of the applicant | Particulars of the proposal |
1 | M/s. Astra Microwave Products Ltd, Hyderabad | Treatment of only the OCB investment as FDI and to raise the FDI investment later up to 26% in a company proposing to engage in manufacture of licensed defence items |
2 | M/s. Flemingo Duty Free Shop Pvt. Ltd. | Setting up of duty free shops at Attari Railway Station and Delhi Railway Station |
3 | M/s. Thuraya Satellite Telecommunications Company, PJSC, UAE | To set up a JV with a foreign equity of up to 74% to undertake the activities of offering satellite-based mobile services |
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