TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
Press 'Enter' after typing page number.
of Press 'Enter' after typing page number.
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of Press 'Enter' after typing page number.
of Press 'Enter' after typing page number.
All News
of Press 'Enter' after typing page number.
of Press 'Enter' after typing page number.
All News
Note
Bookmark
Share
Don't have an account? Register Here
Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on 26th August, 2008, Finance Minister, Shri P. Chidambaram has approved 17 Proposals of Foreign Direct Investment amounting to Rs. 1844.32 Crore approximately. The proposals relate to Ministries/Departments, namely, Chemical & Petrochemicals, Commerce, Economic Affairs, Industrial Policy & Promotion, Information & Broadcasting, Power, Urban Development, Information Technology, and Telecommunication.
Details of Proposals approved are as follows:-
Sl. No. | Name of the applicant | Particulars of the proposal | FDI/NRI inflows (Rs. In Crore) |
CHEMICAL & PETROCHEMICALS
1 | M/s Biotor Industries Ltd., Mumbai | Conversion of operating company into an operating cum holding company to make downstream investment. | 240.00 |
COMMERCE
2 | M/s Euchner Industie Beteiligungen Gmbh., Germany | To set up a WOS to carry out the wholesale trade in electronic equipment and accessories. Proposal attracts Press Note 1 of 2005. | 1.75 |
3 | M/s Aran Kitchenworld India Pvt. Ltd. | To acquire 49% equity to set up stores for single brand retail trading. | 2.45 |
4 | M/s Celio International Belgium | To acquire 50.01% equity for retail trading of products under the single brand. | 12.00 |
ECONOMIC AFFAIRS
5 | M/s Marigold International Pvt. Ltd., Mumbai | Conversion of operating company into an operating cum holding company to make downstream investment. | 0.04 |
6 | M/s JRG Securities Ltd., Kerala | Issuance of warrants to be converted into equity shares. | 57.59 |
7 | M/s Velley Energy Investment Holdings (Mauritius) Ltd., Mauritius | Induction of FDI by way of transfer of equity shares. The company is engaged in commodity broking. | No Fresh Inflow |
INFORMATION & BROADCASTING
8 | M/s IBN Lokmat News Pvt. Ltd., New Delhi | To induct foreign investment (direct or indirect) up to 13% of the issued, subscribed and paid up share capital including present indirect foreign holding in the company by reason of foreign investments as well as future foreign holding. | No Fresh Inflow |
9 | M/s BBCW Channels Pvt. Ltd., Mumbai | To undertake downlinking and distribution of television channels in India. | No Fresh Inflow |
POWER
10 | M/s Athena Infraprojects Pvt. Ltd., New Delhi | Induction of foreign equity up to 49% in an investing company in infrastructure sector. | 220.00 |
URBAN DEVELOPMENT
11 | M/s Ramky Infrastructure Ltd., Hyderabad | Post facto approval for conversion of operating company into an operating cum holding company to make downstream investment. | 400.00 |
ECONOMIC AFFAIRS
12 | M/s Unistock Pvt. Ltd | (i) To take note of amalgamation, (ii) conversion of operating company into an operating cum holding company, and (iii) swap of shares. | No Fresh Inflow |
INFORMATION & BROADCASTING
13 | M/s BBC Worldwide (India) Pvt. Ltd | To make an amendment in the existing approval letter for inclusion of the term "downlinking". | No Fresh Inflow |
ECONOMIC AFFAIRS
14 | M/s SG Securities (Singapore) Pte. Ltd., Singapore | To invest in/acquire 35% equity shares to carry on the activities of Custodial Services. Proposal attracts Press Note 1 of 2005. | 28.00 |
15 | M/s VLCC Health Care Ltd., Delhi | Conversion of Share Warrants into equity shares and redemption of Preference shares. | 84.15 |
TELECOMMUNICATION
16 | M/s Broadband Pacenet (India) Pvt. Ltd., Mumbai | Induction of foreign equity by way of subscribing to or acquisition of shares up to 74% equity of the company. | 17.336 |
17 | M/s Quippo Telecom Infrastructure Ltd. | To increase foreign equity from 65.63% to 82.55% in Telecom Sector. | 781.00 |
The following 9 (Nine) proposals have been deferred:
Sl. No | Name of the applicant | Particulars of the proposal |
1 | M/s Universal Biofuels Pvt. Ltd., Hyderabad | (i) To incorporate and make downstream investment in subsidiaries, and (ii) to issue and allot equity shares to eligible Non-Resident Investors through participation in the IPO, and/or in the form of any Pre-IPO Placement and for any preferential issue of equity shares that may be issued by the company at a future date. |
2 | M/s Krishnapatnam Port Co. Ltd., Hyderabad | Post-facto approval for the FDI already brought in under automatic route, which otherwise requires FIPB approval and to make downstream investments in companies and/ or to establish subsidiaries in future. |
3 | M/s Tata Investment Corporation Ltd., Mumbai | To issue Zero Coupon Convertible Bonds (ZCCB) with detachable warrants to the equity shareholders of the company, on a rights basis, which includes person resident outside India. |
4 | M/s RISH PTE Ltd., Cock Islands | Post-facto approval for the FDI already brought in under automatic route, which otherwise requires FIPB approval. |
5 | M/s RISH PTE Ltd., Cock Islands | Post-facto approval for the FDI already brought in under automatic route, which otherwise requires FIPB approval. |
6 | M/s Inunit U.S. Holdings Inc. USA | To acquire equity share capital through multiple stock market transactions. |
7 | M/s Ralf Schneider Holding Gmbh, Germany | To set up a WOS. Proposal attracts Press Note 1 of 2005. |
8 | M/s Asia Motorworks Holdings Ltd., Mumbai | Induction of foreign equity by way of subscribing to fully and compulsorily convertible debentures and conversion of operating company into an operating cum holding company. |
9 | M/s ABN-AMRO Securities (India) Pvt. Ltd. | To enlarge the services by offering value added financial services (non fund based) to their clients (both individual and institutional) |
The following one (1) proposal has been rejected:
Sl. No | Name of the applicant | Particulars of the proposal |
1 | M/s Elken International (I) Pvt. Ltd. | To undertake cash and carry wholesale trading for the activities for which approval for test marketing was already obtained |
The proposal of M/s Best Auto Ltd., New Delhi has been advised to access auto route.
The proposals of M/s Aditya Birla Telecom Ltd., and M/s Daiichi Sankyo Company Ltd., Japan have been recommended for the consideration of CCEA, as the investment involved in the proposal is above Rs. 600.00 Crore.
*******
BSC/SS/GN-218/08
Foreign Direct Investment approvals across sectors authorise downstream investments, WOS formation, equity conversions, and deferred cases need further scrutiny. Seventeen proposals for Foreign Direct Investment were approved across multiple sectors, authorising conversions of operating companies into operating cum holding companies for downstream investments, equity issuances and warrant conversions, establishment of wholly owned subsidiaries for retail and wholesale trading, induction of foreign equity up to specified percentages in infrastructure and telecom entities, and amendments to permit downlinking. Nine proposals were deferred for further scrutiny, largely involving post facto regularisation, convertible instruments, WOS formation and downstream investment permissions. One proposal for cash and carry wholesale trading was rejected and certain large proposals were recommended for higher executive review. of Press 'Enter' after typing page number.
TaxTMI 
