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        Case ID :

        14 Proposals Amounting to Rs 113.35 Crore of Foreign Direct Investment Approved by FIPB

        October 8, 2012

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        Press Information Bureau

        Government of India

        Ministry of Finance

        08-October-2012 15:55 IST

        Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on September 18, 2012, the Central Government has approved fourteen (14) proposals of Foreign Direct Investment amounting to Rs.113.35 crore approximately.

        Details of Proposals considered in the Foreign Investment Promotion Board (FIPB) Meeting held on18.09.2012 are as follows:           

        Following 14 (Fourteen) proposals have been approved

        Sl. No.

        Name of the applicant

        Particulars of the proposal

        FDI/NRI inflows

        (Rs. In crore)

        CONSUMER AFFAIRS

        1

        M/s Alburaq Trading LLP, Maharashtra

        Induction of foreign equity into an LLP which deals in rice, black pepper, coffee, milk etc and other ancillary business.

        0.40

        ECONOMIC AFFAIRS

        2

        M/s Neo Capricorn Plaza Pvt. Ltd., Mumbai

        Post-facto approval for issue of partly paid up shares to carry out the business of construction of five star hotels.

        11.87 (already brought)

        3

        M/s Cardo India Pvt. Ltd., Mumbai

        Infusion of foreign investment into the Indian company which does not have any operations and also does not have any downstream investments.

        1.30

        ELECTRONICS & INFORMATION TECHNOLOGY

        4

        M/s Egon Software Pvt. Ltd., Pune

        Ex post-facto approval for issue of partly paid up shares to carry out the business of IT & ITES enabled services.

        2.23 (already brought)

        INFORMATION & BROADCASTING

        5

        M/s Harkness Screens India Pvt. Ltd., Bangalore

        Conversion of a company into an LLP, which is engaged in the business of manufacturing, dealing in importing /exporting all types of films, cinema and projection screen surfaces, customs screens and allied products.

        Nil

        6

        M/s Global Fairs & Media Private Limited, Delhi

        To undertake an additional activity of publishing speciality periodicals/magazine.

        Nil

        HEALTH & FAMILY WELFARE

        7

        M/s TherDose Pharma Pvt. Ltd., Hyderabad

        Post facto approval for transfer of shares to carry out the business of manufacturing of pharmaceutical preparations.

        No fresh inflow

        8

        M/s Prime Surgical Centers Private Ltd., Pune

        To set up an LLP to carry out the business of establishing and managing short stay surgery centres in India with its flagship centre in Pune.

        14.00

        PHARMACEUTICALS

        9

        M/s Calyx Chemicals and Pharmaceuticals Limited, Mumbai

        Post facto approval for the preferential allotment of equity shares to carry out the business of manufacturing of active pharmaceuticals ingredients and intermediates in India and manufacture of macrolides, anti- tuberculosis and anti-depressants and manufacturing services to transnational pharmaceutical companies.

        3.07

         CONSUMER AFFAIRS

        10

        M/s Pipavav Defence and Offshore Enginerring Company Ltd.

        Increase in foreign equity by way of issuance of FCCBs to carry out the business of shipbuilding, ship repairs, offshore assets production etc and production of ships/vessels including for defence sector.

        Not indicated

        11

        M/s Hay House Publishers (India) Pvt. Ltd.

        Deletion of the condition relating to compounding.  The company is engaged in printing of foreign books in India and distribution in India of foreign books, deck cards and audios, on various literary, social, health, agricultural, medical rural and all non political subjects

        Nil

        INFORMATION & BROADCASTING

        12

        M/s Scribble Media & Entertainment Pvt. Ltd., Hyderabad

        Induction of foreign equity to carry out the business of publication of evening news publication titled “Post Noon”.

        2.5

        PHARMACEUTICALS

        13

        M/s Advanced Enzyme Technologies Ltd., Maharashtra

        Preferential allotment of shares, to be subscribed by both Indian and foreign companies and the Indian holding is proposed to increase.  The Indian company is engaged in the business of pharmaceuticals sector.

        9.76

        14

        M/s Dashtag, United Kingdom

        Increase in foreign equity to carry out the business of pharmaceuticals specializing in dermatology, anti-histamines, antibiotics and oncology products.

        68.22

        2. The following 9 (Nine) proposals have been deferred:

        Sl.No

        Name of the applicant

        Particulars of the proposal

        1

        M/s Aon Holdings B.V., Netherlands

        Post facto approval for induction of foreign equity to carry out the business of Insurance broking, and risk advisory services.

        2

        M/s Acebright (India) Pharma Pvt. Ltd., Karnataka

        Post facto approval for issuance of equity shares and approval for issue of further shares to carry out the business of manufacturing of pharmaceutical ingredients.

        3

        M/s Erica Healthcare Pvt. Ltd., Mumbai

        Increase in foreign equity engaged in the pharmaceutical sector.

        4

        M/s Adcock Ingram Healthcare Pvt. Ltd., Bangalore

        Induction of foreign equity to carry out the business of maintaining transactional support offices with respect to the healthcare and proposed pharmaceutical’ manufacture, marketing and distribution of healthcare and pharmaceutical products.

        5

        M/s Multi Commodity Exchange of India Pvt. Ltd.

        Post facto approval for FDI received before issuance of Press Note 2 of 2008.  The company is engaged in the business of trading in commodities.

        6

        M/s Augere Wireless Broadband India Pvt. Ltd.

        Post facto approval for capitalisation of the expenses to carry out the business of Broadband wireless services, internet services and other telecommunication   related services.

        7

        M/s Multi Screen Media Pvt. Ltd.

        Induction of foreign equity to carry out the business of production of television programmes in India languages primarily for export, sale and distribution of Indian language audio visual production. Downlink   certain TV channels.

        8

        M/s KSK Energy Ventures Ltd.

        The Delhi High Court, vide Order dated 1.8.2012, have disposed off the matter with the direction that the application dated 2.3.2012 of M/s KSK Energy Company Pvt Ltd filed before the FIPB, has to be disposed off within 3 months i.e. by 30.11.2012 in accordance with law.

        9

        M/s Deutsche Investments India Private Limited, Mumbai

        Proprietary trading as a part of tis existing NBFC activities.

        3. The following7 (Seven) proposals have been rejected:

        Sl.No

        Name of the applicant

        Particulars of the proposal

        1

        M/s Nitor Infotech Pvt. Ltd., Mumbai

        Post facto approval for allotment of equity shares against pre-incorporation expenses to carry out the business in the field of information technology, e-commerce, computer software, and software packages, products, customize software, embedded software, system tools, information technology products, equipments.

        2

        M/s ECL Engineering Services India Pvt. Ltd., Odisha

        Past facto approval for capitalization of pre-incorporation and pre-operative expense to carry out the business of providing services to aluminium smelter equipments, repair and maintenance of mining, metallurgical equipments.

        3

        M/s IPsoft Netherland BV

        To set up an LLP to provide IT/IT enabled services.

        4

        M/s Filtrex Technologies Pvt. Ltd., Bangalore

        Post facto approval for allotment of shares against (i) technical transfer fee (ii) management service fee to carry out the business of manufacturing of Activated Carbon Blocks and Surface Modification of Activated Carbon Granules used in Water Purification Industries.

        5

        M/s Endurance International Group Inc., USA, M/s Endurance Singapore Holdings Pte. Ltd., Singapore

        To set up an LLP to carry out the business of web hosting, domain names and related services and other online applications and services such as website design, email services, project management and website security.

        6

        M/s Atlas Equifin Pvt. Ltd., Mumbai

        Conversion of non repatriable investment into repatriable investment made by an erstwhile OCB and investment under rights issue in an investing company.

        7

        M/s British Marine India Pvt. Ltd., Mumbai

        To issue equity shares equivalent to the net purchase consideration payable to Branch office of the foreign company.

         

        * * * * *

        DSM/RS/ka

        Foreign Direct Investment approvals and categorisation announced, with multiple sectoral approvals alongside deferred and rejected proposals. FIPB considered FDI proposals on September 18, 2012 and approved fourteen proposals across sectors-consumer goods, hotels, IT/ITES, media, health, pharmaceuticals and shipbuilding-authorising various forms of foreign equity induction, post-facto approvals for partly paid shares, preferential allotments, LLP conversions and issuance of convertible instruments, with certain approvals noting existing or nil inflows. Nine proposals were deferred for further scrutiny or compliance, and seven proposals were rejected where requests sought post-facto regularisation, capitalization of pre-operative expenses, LLP setups for IT/web services, or conversion of past investments.
                          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 and categorisation announced, with multiple sectoral approvals alongside deferred and rejected proposals.

                                FIPB considered FDI proposals on September 18, 2012 and approved fourteen proposals across sectors-consumer goods, hotels, IT/ITES, media, health, pharmaceuticals and shipbuilding-authorising various forms of foreign equity induction, post-facto approvals for partly paid shares, preferential allotments, LLP conversions and issuance of convertible instruments, with certain approvals noting existing or nil inflows. Nine proposals were deferred for further scrutiny or compliance, and seven proposals were rejected where requests sought post-facto regularisation, capitalization of pre-operative expenses, LLP setups for IT/web services, or conversion of past investments.





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