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Press Information Bureau
Government of India
Ministry of Finance
11-September-2012 17:38 IST
21 FDI Proposals Amounting to Rs. 2410 Crore Approved
Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on August 24, 2012, Government has approved 21 proposals of Foreign Direct Investment amounting to Rs. 2410 crore approximately.
These include 8 proposals worth Rs.1842.55 crore relating to FDI in brownfield pharmaceuticals sector, mentioned at S. Nos. 13 to 20, which were deferred in earlier meetings. The pharma cases have been approved, subject, inter alia, to the following three conditions: (i)The quantitative level of NLEM (National List of Essential Medicines) drugs production annually at the time of induction of foreign investment will be maintained at that level for the next 5 years. The level would be defined as the highest annual production level of NLEM drugs in quantitative terms, in any of the three years preceding the induction of foreign investment. Appropriate information, in the form and manner as prescribed in this regard by the administrative ministries concerned, must be supplied; (ii) The Research & Development expenses annually incurred by the investee company at the highest level in the 3 preceding years to the induction of foreign investment will be maintained in value terms annually over the next 5 years post induction of FDI.The Investee Company would be required to provide appropriate information, in the form and manner as prescribed in this regard by the administrative ministries concerned; and (iii)the administrative ministries concerned and the FIPB secretariat will be provided complete information pertaining to the transfer of technology, if any, along with induction of foreign investment into the investee company.
Following 21 (Twenty one) proposals have been approved.
Sl. No. | Name of the applicant | Particulars of the proposal | FDI/NRI inflows (` In crore) |
AGRICULTURE & COOPERATION
1 | M/s Everton Tea India Pvt. Ltd., Bangalore | Ex Post-facto approval for transfer of equity shares to foreign collaborator to carry out the business of manufacturing black and green tea bags, herb tea bags and instant tea bags. | 0.98 (already brought in) |
FINANCIAL SERVICES
2 | M/s City Union Bank Limited, Tamil Nadu | To issue and allot partly-paid up shares, under rights issue to carry out the business of banking operations in private sector. | 61.5 (approx) |
INDUSTRIAL POLICY & PROMOTION
3 | M/s Menzies Bobba Ground Handling Services Pvt. Ltd., Hyderabad | Increase in foreign equity participation to carry out the business of Ground handling services. | 2.58 (approx.) |
MINES
4 | M/s Leighton International Projects (India) Pvt. Ltd., Mumbai | Ex post facto approval for transfer of partly paid shares to non resident entities, which have since been made fully paid up to carry out the business of development of infrastructure projects in India. | No fresh inflow |
COMMERCE
5 | M/s Rickshaw Delivery | To enhance the NRI investment on non-repatriable basis to carry out the business of export trading through partnership firm. | 1.25 |
CONSUMER AFFAIRS
6 | M/s Arani Agro Oil Industries Ltd | Ex post facto approval for issue of shares for other than inward remittances to carry out the business of manufacture of Hydrogenated Oils and Vegetables & Vanaspati, Vegetables Oils & Fats and hydrogenated oils, mono carboxylic fatty acids, acids oils from refinery & industrial alcohols & manufacturing of glycerine and other non compliance with the conditions of original FC approval. | Not applicable |
INDUSTRIAL POLICY & PROMOTION
7 | M/s D B Corp Ltd. | To increase the foreign equity participation from 20 % to 20% to carry out the business of publication of newspapers including the business of developing, editing, publishing, printing, distributing and marketing newspapers and other publications and FM radio business. | Not quantified |
8 | M/s Praxair India Pvt., Ltd. | To issue shares for consideration other than inward remittance. | No inflow |
INFORMATION & BROADCASTING
9 | M/s Wall Street Journal India Publishing Pvt., Ltd. | Change in the foreign collaborator by way of overseas merger within group companies. The company is engaged in the business of publishing of facsimile editions of newspapers in India. | Nil |
TELECOMMUNICATIONS
10 | M/s Asergis Telecom Services Pvt., Ltd | To undertake the additional activity of Infrastructure Provider-I Services (IP-I Services). | Nil |
ECONOMIC AFFAIRS
11 | M/s Al Shukur Company For Engineering And Construction LLP, Vadodara | Induction of foreign direct investment into an LLP to carry out the business of engineering services and engineering products. | 0.009 |
FINANCIAL SERVICES
12 | M/s Paragon Asset Reconstruction Pvt. Ltd., Mumbai | Induction of foreign equity upto 19.99% in the company engaged in the business of Asset Reconstruction. | 0.57 |
HEALTH & FAMILY WELFARE
13 | M/s Ordain Health Care Global Pvt. Ltd., Chennai | Induction of foreign investment in an existing company engaged in the business of manufacturing, research & development for technology advancement, and marketing of pharmaceutical finished dosage formulations. | 58.85 |
14 | M/s Sutures India Private Limited, Bangalore | Induction of foreign investment in an existing company engaged in the business of manufacturing and export of sutures, surgical tapes, mesh bone wax, atraumatic needles, skin staplers and surgical gloves. | 200.00 |
15 | M/s Arch Pharmalabs Limited, Mumbai | Induction of foreign investment in an existing company engaged in the business of manufacture and sale of Active Pharmaceutical Ingredients and contract research and manufacturing services. | 372.36 |
16 | M/s B Braun Singapore Pte Limited, Singapore | Acquisition of shares of the company engaged in the business of life saving intravenous fluids and ophthalmic products. | 248.40 (approx) |
17 | M/s Stellence Pharmscience Pvt. Ltd., Bangalore | Induction of foreign equity by way of transfer and issue of equity shares and compulsory convertible preference shares to carry out the business of manufacture and sale of Active Pharmaceutical Ingredients and advanced intermediates. | 100.00 |
18 | M/s Pfizer Limited, Mumbai | Induction of foreign equity in an operating cum investing company to carry out the business in pharmaceutical sector. | 800 |
19 | M/s Vyome Biosciences Private Limited, Delhi | Induction of foreign equity to carry out the activities relating to pharmaceuticals sector. | 12.50 |
20 | M/s Zim Laboratories Limited, Nagpur | Induction of foreign equity to carry out the activities relating to pharmaceuticals sector. | 50.44 |
TELECOMMUNICATIONS
21 | M/s Sterlite Networks Limited, Dadar and Nagar Haveli | To engage in additional activities of telecom sector. | 500.00 |
RS/GN
Foreign direct investment approvals impose post induction obligations to maintain NLEM production and R&D levels and disclose technology transfers. Government approved 21 foreign direct investment proposals across multiple sectors, with eight brownfield pharmaceutical approvals conditioned on maintaining, for five years post-induction, the highest annual quantitative production level of National List of Essential Medicines drugs and the highest annual Research & Development expenditure recorded in the three years preceding induction, together with prescribed reporting to administrative ministries; disclosure of any transfer of technology to administrative ministries and the FIPB secretariat was also required.
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