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Finance Minister, Shri P. Chidambaram has approved 20 Foreign Direct Investment proposals recommended by Foreign Investment Promotion Board (FIPB) in its meeting held on 28th March, 2008. The approval amounts to Rs. 1962.05 crore. The proposals are related to Ministries/Departments, namely Commerce, Heavy Industry, Industrial Policy & Promotion, Information & Broadcasting, Telecommunications and Economic Affairs. The major investment proposals pertain to the Ministries/Departments of Information & Broadcasting Telecommunications 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. Richemont Services B.V., | To set up a new JV with 51% foreign equity to undertake the business of single brand retail trading under the brand name "Cartier" | 0.20 |
2. | M/s. Power Plate (I) Pvt. Ltd. | Induction of foreign equity up to 50% in a company to be engaged in the retailing of single brand health and fitness equipment | 0.50 |
3 | M/s. Glorio Armani Holdings BV | To set up JV with 51% foreign equity to undertake single brand retail trading of the "Armani" branded products | 1.02 |
4 | M/s. Tokai Rubber Industries Ltd, Japan | To set up a new WOS to undertake manufacturing and sale of anti-vibration products and wholesale trading of anti-vibration products. Proposal attracts Press Note 1(2005 series) | 1.50 |
HEAVY INDUSTRY
5 | M/s. DE Diamond Electric India Pvt. Ltd. New Delhi | Conversion of advance paid into equity shares | No fresh inflow |
INFORMATION & BROADCASTING
6 | M/s. Percept Ltd, Mumbai | Conversion of operating company into an operating-cum-holding company to undertake downstream investments | No fresh inflow |
ECONOMIC AFFAIRS
7 | M/s. Janani Technology Holdings Ltd. | To act as a holding company to undertake further downstream investments in IT and ITES | 0.59 |
8 | M/s. PSA India Pte. Ltd. Singapore | Induction of foreign equity up to 49% by way of preferential allotment of compulsorily convertible preferences shares. Proposal attracts Press Note 1 (2005 series) | 240.00 |
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