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Press Information Bureau
Government of India
Ministry of Finance
04-December-2012 17:50 IST
The Government has approved one proposal of Foreign Direct Investment amounting to Rs. 27.72 crore approximately. The Foreign Investment Promotion Board (FIPB) approved it while considering the 14 pending proposals decision on which was deferred at its earlier meeting.
The details are as under:
Sl. No. | Name of the applicant | Particulars of the proposal | FDI/NRI inflows (Rs.in crore) |
ECONOMIC AFFAIRS
1 | M/s Bhartiya Samruddhi Investments and Consulting Servcies Ltd., New Delhi | Induction of foreign equity in the investing company.
| 27.72 |
2. The following 6 (Six) proposals have been deferred:
Sl.No | Name of the applicant | Particulars of the proposal |
1 | M/s Soma Tollways Pvt. Ltd. | Post facto approval for increase in foreign equity in the investing company. |
2 | M/s Brampton Pvt. Ltd. | Clarification regarding limit on percentage of shareholding to be held either by Indian partner or foreign partner for forming the joint venture company. |
3 | M/s Wire and Wireless (I) Limited | To issue warrants to carry out the business of Cable Network Business. |
4 | 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. |
5 | M/s Erica Healthcare Pvt. Ltd., Mumbai | Increase in foreign equity engaged in the pharmaceutical sector. |
6 | M/s M and C Rakindo Hospitality Pvt. Ltd., Coimbatore | Ex-post-facto approval to issue and allot partly paid up shares to carry out the business of development, construction ownership, management, sale and/ or lease of hotel projects in India. |
3. The following 7 (Seven) proposals have been rejected:
Sl.No | Name of the applicant | Particulars of the proposal |
1 | M/s Mack Valves India Private Limited, Chennai | Past facto approval for capitalization of expenses to carry out the business of manufacturing of control valves and accessories for water industry. |
2 | M/s Applied Micro Circuits India Pvt. Ltd., Pune | Post facto approval against funds arranged by for the purchase of capital goods and security deposit for office premises for carrying on the business of development of computer software, electronic systems, networking systems and providing advice, consultation and software technology solutions. |
3 | M/s Deutsche Investments India Private Limited, Mumbai | Proprietary trading as a part of its existing NBFC activities. |
4 | M/s G4S Secure Solutions (India) Pvt. Ltd., Delhi & Haryana | Ex-post-facto approval for induction of foreign equity to carry out the business of providing security services. |
5 | 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. |
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 Tocheunglee Stationery Manufacturing Company Pvt. Ltd., Tiruvallur | Induction of foreign investment in an LLP to carry out the business of manufacturing of Nickel Plating/ Phospating Treatment/ Metal Finishing/ other related plating process for the components related to manufacture of Lever Arch Mechanisms, Loose Leaf Ring Metal/Metal Binders, etc. |
* * * * *
DSM/RS
Foreign direct investment approvals: one induction cleared, several proposals deferred or rejected by the investment authority. The Foreign Investment Promotion Board approved one proposal to induct foreign equity into an investing company, deferred multiple proposals seeking post facto or clarificatory approvals (including increases in foreign equity, shareholding limit clarifications, issuance of warrants, media downlink/production proposals, pharmaceutical equity increases, and retrospective allotment of partly paid shares for hotel projects), and rejected several retrospective or regularisation requests relating to capitalization of past expenses, proprietary trading within NBFC activities, induction of foreign equity in security services and pharmaceuticals, telecommunications capitalisations, and foreign investment into an LLP for plating and metal finishing activities. of Press 'Enter' after typing page number.
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