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Finance Minister, Shri P. Chidambaram has approved 13 Foreign Direct Investment proposals recommended by Foreign Investment Promotion Board (FIPB) in its meeting held on 4th June, 2008. The approval amounts to Rs. 1524.70 crore. The proposals are related to Ministries/Departments, namely Chemicals & Petro-chemicals, Industrial Policy & Promotion, Information & Broadcasting, Urban Development, Tourism and Economic Affairs.
Details of 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. Socomec SA, France | Induction of foreign equity up to 100% in Indian Company to make it as its 100% WOS and to change the activities from retail trading to wholesale cash and carry trading. Proposal attracts Press Note 1 of 2005. | Nil |
2 | M/s Arcelor Mittal India Ltd., Ranchi | Conversion of operating company into an operating cum holding company for making further downstream investment. | 0.41 |
ECONOMIC AFFAIRS
3 | M/s Deutsche Bank Aktiengesellschaft | Acquisition of up to 5% equity shares of the Delhi Stock Exchange. Proposal attracts Press Note 1 of 2005. | 13.47 |
HEALTH
4 | M/s Apollo Health Street Ltd., Hyderabad | Induction of foreign equity by issuing IPO and Pre-IPO placement of equity shares or compulsorily convertible preference shares. | 60.69 |
POWER
5 | M/s Indiabulls Power Generation Ltd., Mumbai | Conversion of operating company into an operating cum holding company for making further downstream investment. | 0.13 |
ROAD TRANSPORT & HIGHWAYS
6 | M/s Gayatri Infra Ventures Ltd., Hyderabad | Induction of foreign equity up to 49% for making further downstream investment. | 200.00 |
INFORMATION & BROADCASTING
7 | M/s Dish TV | Issue of right issue of its partly-paid up equity shares. | Nil |
FOOD PROCESSING
8 | M/s Demerara Distilleries | Conversion of operating company into an operating cum holding company for making further downstream investment. | Nil |
ECONOMIC AFFAIRS
9 | M/s Peak Database Solutions Pvt. Ltd., Mumbai | Issue of shares in lieu of capitalization of pre-incorporation/preliminary expenses | Nil |
10 | M/s Peak Database Solutions Pvt. Ltd., Mumbai | Issue of shares in lieu of capitalization of pre-incorporation/preliminary expenses | Nil |
11 | M/s DLF Limitless Developers Pvt. Ltd., New Delhi | Issue of shares in lieu of pre-incorporation expenses | Nil |
12 | M/s Golboot Holdings Ltd., Cyprus | Induction of foreign equity by way of subscribing to unsecured fully and compulsorily convertible debentures. Proposal attracts Press Note 1 (2005 series) | 700.00 |
13 | M/s India Rizing Fund, Mumbai | To accept contribution from overseas investors and to issue units against the money received for making investment in Defence SME sector as per FDI Policy. | 550.00 |
Total Rs.1524.70
The following 3 (three) proposals have been deferred:
Sl.No | Name of the applicant | Particulars of the proposal |
1 | M/s Top Security Ltd., Mumbai | Downstream Investment in its 10 Subsidiaries and Preferential allotment of equity shares. |
2 | M/s RISH PTE Ltd., Cock Islands | Post-facto approval for the FDI already brought in under automatic route, which otherwise requires FIPB approval. |
3 | M/s RISH PTE Ltd., Cock Islands | Post-facto approval for the FDI already brought in under automatic route, which otherwise requires FIPB approval. |
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