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Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on 30th September, 2008, Finance Minister, Shri P. Chidambaram has approved 16 Proposals of Foreign Direct Investment amounting to Rs. 794.37 Crore approximately. The proposals relate to Ministries/Departments, namely, Commerce, Tourism,EconomicAffairs,Information&Broadcasting,andHeavyIndustry.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. Sikora India Limited, New Delhi | To undertake trading of hi-tech items which require sophisticated and specialized after sale services and some degree of trading of new products as well as of spare parts. | No Fresh Inflow |
2 | M/s. Persistent Systems Ltd, Pune | Post-Facto approval for conversion of operating company into an operating cum holding company to make downstream investment. | 4.97 |
3 | M/s. Astellas Pharma Inc. Japan | To set up a wholly owned subsidiary to carry out sales and marketing activities for its pharmaceutical products. The proposal attracts Press Note 1 of 2005. | 16.00 |
DEFENCE PRODUCTION
4 | M/s. Speck Systems Ltd., Hyderabad | To regularize FIIs investment made earlier in Defence Sector. | No Fresh Inflow |
TOURISM
5 | M/s. Rossell Tea Ltd, Kolkata | Post-Facto approval for conversion of operating company into an operating cum holding company to make downstream investment. | 10.25 |
ECONOMIC AFFAIRS
6 | M/s. LMB Holding (Mauritius) Ltd, Mauritius | Transfer of shares from NRI to OCB in projects engaged in the activities of Down-linking. | No Fresh Inflow |
7 | M/s. Fxlabs Studios Pvt. Ltd. Hyderabad | Transfer of shares by way of share swap. | No Fresh Inflow |
8 | M/s. Samson Maritime Ltd, Mumbai | Issue of warrants to be converted into equity shares to carry out the activities of (i) owning and leasing of various types of offshore supply vessels, tugs, anchor handling vessels and barges and (ii) providing offshore logistic and support services, port and terminal services, towing, diving and salvage operations. | 25.00 |
9 | M/s. Recorder & Medical Systems (P) Ltd. Chandigarh | Transfer of shares by way of share swap. | No Fresh Inflow |
10 | M/s. DM Healthcare Pvt. Ltd. Cochin | Conversion of operating company into an operating cum holding company to make downstream investment. Proposal also attracts Press Note 1 of 2005. | 50.00 |
11 | M/s. Bhaskar Exxoils Ltd | Conversion of operating company into an operating cum holding company to make downstream investment. | 100.00 |
12 | M/s. Luxury Brands Retail Pvt. Ltd. Mumbai | Conversion of operating company into an operating cum holding company to make downstream investment. | No Fresh Inflow |
13 | M/s. Neha International Ltd. | Issue of warrants to carry out the business of growing and exporting of cut flowers specially roses. | 8.40 |
INFORMATION & BROADCASTING
14 | Asianet Communication Ltd. | Ex-Post-Facto approval to regularize FII Investment. | No Fresh Inflow |
15 | M/s. Shalom Communications Ltd. | Post-facto approval to retain NRI investment. The company is engaged in the installation of satellite channels for production, telecasting and networking of television programme. | No Fresh Inflow |
HEAVY INDUSTRY
16 | 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. | 590.00 |
The following 7 (Seven) proposals have been deferred:
Sl. No | Name of the applicant | Particulars of the proposal |
1 | M/s. ZF Friendrichsafen AG, Germany | To set up a new Joint Venture Company for manufacturing and marketing of rubber and rubber-to-metal parts for automotive industry, agriculture and construction machinery, railway and construction application. The proposal attracts Press Note 1 of 2005. |
2 | M/s. Yellowfin Holdings Ltd., Mauritius | To set up a WOS to carry out the activity of publishing printed magazines (not being newspapers and periodicals dealing with news and current affairs). |
3 | M/s. Adani Power Limited, Ahmedabad | Post-Facto approval for conversion of operating company into an operating cum holding company to make downstream investment. |
4 | M/s. Asset Reconstruction Co. (India) Ltd. | Induction of a new foreign collaborator and increase in the foreign equity participation from 5% to 14.66% in the Asset Reconstruction. |
5 | M/s. Equant Network Services India Pvt. Ltd. | To carry out the additional activities of getting internet service provider (ISP) with gateway (both for satellite and submarine cables). |
6 | M/s. XCEL Telecom Pvt. Ltd. | Transfer of shares from Non-Resident to another Non-Resident in the Telecom sector. |
7 | M/s. Amar Ujala Publications Ltd. | Amalgamation of two companies consequent upon the order of Hon'ble High court and induction of fresh FDI |
The following one (1) proposal has been rejected:
Sl. No | Name of the applicant | Particulars of the proposal | |
1 | M/s. Mahindra Defence Systems, New Delhi | To set up JV company to develop, manufacture and provide through life service support for Land Systems defence equipment on the terms and conditions set out in the license to be issued by the DIPP pursuant to Press Note 4 of 2002. | |
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2 (Two) proposals Viz., M/s. ABN-AMRO Securities (India) Pvt. Ltd. and M/s Tata Motors Ltd., Mumbai advised to access automatic route
1 (One) proposal viz., M/s. Krishnapatnam Port Company Ltd, Hyderabad has been recommended for the consideration of CCEA, as the investment involved in the proposal is above Rs. 600.00 Crore.
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BSC/SS/GN-249/08
Foreign direct investment approvals issued for diverse sectoral transactions including post-facto regularisations and holding-company conversions. The Finance Minister approved sixteen FDI proposals across multiple sectors on FIPB recommendations, covering post-facto regularisations, establishment of wholly owned subsidiaries, issuance and conversion of warrants and convertible instruments, and conversion of operating companies into operating-cum-holding companies to enable downstream investment; the release specifies which transactions involved fresh foreign inflow and which did not, notes applicability of Press Notes to certain proposals, and records seven deferred proposals, one rejection, two advised for the automatic route, and one proposal sent to CCEA due to investment size. of Press 'Enter' after typing page number.
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