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        Customs, DGFT & SEZ

        32 FDI Proposals approved

        November 26, 2008

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        Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on 18th November, 2008, Finance Minister, Shri P. Chidambaram has approved 32 Proposals of Foreign Direct Investment amounting to Rs. 845.70 Crore approximately.  The proposals relate to Ministries/Departments, namely, Commerce, Economic Affairs, Information & Broadcasting, Mines, Road Transport & Highways, Telecommunication, Industrial Policy & Promotion, Power, Urban Development, and Shipping. 

        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 A.Y.N. Accessories Trading Ltd., (2) M/s BODO Jagdberg Hong Kong Ltd., Hong Kong

        Induction of FDI to undertake trading and export of accessories of items sourced from small scale sector.

        0.50

        2

        M/s Allergan Inc. USA

        To set up a WoS to carry out B2B sale.  The proposal attracts Press Note 1 of 2005.

        0.51

        3

        Mr. Pawan Sukhdev

        Transfer of shares to NRI in Tea plantation sector.

        1.95

        ECONOMIC AFFAIRS

        4

        M/s Reid & Tailor (India) Ltd., Mumbai

        To allot and issue equity shares warrants.

        108.33

        5

        M/s IL&FS Waste Management & Urban Services Ltd., New Delhi

        To induct FDI in an Indian company having existing downstream ventures.

        5.33

        6

        M/s Oriental Structural Engineers Pvt. Ltd., New Delhi

        Transfer of shares to set up a holding company.

        450.00

        7

        M/s Oil India Ltd., Noida

        Conversion of operating company into an operating cum holding company and IPO issue.

        Not indicated

        8

        M/s Sequoia Capital India Investments III Mauritius

        Induction of FDI in holding cum operating company engaged in the Insurance sector and to allot Compulsorily Convertible Preference Shares.

        9.52

        9

        M/s True Developers Pvt. Ltd., Chennai

        Conversion of operating company into an operating cum holding company to make further downstream investment.

        No Fresh Inflow

        10

        M/s Trans Union International Inc. USA

        To purchase and acquire fully paid up equity shares to invest in Credit Information Companies.

        2.49

        11

        M/s A.L.L. Services Under 1 Roof (I) Pvt. Ltd., Mumbai

        Post Facto approval for conversion of operating company into an operating cum holding company to make further downstream investment.  The proposal also attracts Press Note 1 of 2005.

        No Fresh Inflow

        12

        M/s Morgan Stanley India Capital Pvt. Ltd., Mumbai

        Conversion of operating company into an operating cum holding company to make further downstream investment to carry out the primary dealership activities.

        No Fresh Inflow

        13

        M/s Amtech Software Pvt. Ltd., Delhi

        Conversion of operating company into an operating cum holding company to make further downstream investment.

        25.00

        14

        M/s ORG Informatics Ltd., Gurgaon

        Post Facto approval for issue of equity share warrants.

        7.19

        15

        M/s ADEA Technologies Pvt. Ltd., Secunderabad

        Transfer of shares by way of share swap.

        No Fresh Inflow

        16

        Dr. Oetker India Pvt. Ltd. Mumbai

        Conversion of operating company into an operating cum holding company to make further downstream investment.

        110.40

        INFORMATION & BROADCASTING

        17

        M/s Television Eighteen India Ltd.

        To Launch three new regional business news channels.

        No Fresh Inflow

        18

        M/s Connoisseur Publishing Pvt. Ltd., Bangalore

        To induct FDI up to 100% in print media sector.

        0.01

        19

        M/s Reed Elsevier Overseas B.V., Netherlands

        Induction of foreign equity by way of equity shares/ compulsory convertible preference shares/ compulsorily convertible debentures to undertake the additional activities of publishing of specialty magazines.

        0.05

        20

        M/s Hill & Knowlton, Singapore

        To set up a WoS.  The proposal attracts Press Note 1 of 2005.

        0.10

        MINES

        21

        M/s Laviosa Chimica Mineraria S.P.A. Italy

        To subscribe and hold equity shares of a company proposed to be incorporated pursuant to joint venture agreement.  The proposal attracts Press Note 1 of 2002.

        2.20

        ROADS TRANSPORT & HIGHWAYS

        22

        M/s Vijaywada Tollway Pvt. Ltd., Hyderabad

        Induction of foreign equity in a company.  The proposal attracts Press Note 1 of 2005.

        15.00

        INDUSTRIAL POLICY & PROMOTION

        23

        M/s. Cholamandalam DBS Finance Ltd.

        Post facto approval for allotment of warrants to existing non-resident shareholders.

        No Fresh Inflow

        INFORMATION & BROADCASTING

        24

        M/s. Vijay Television Pvt. Ltd.

        To make downstream investment in a company engaged in Up-linking a Non News current affair TV channels.

        No Fresh Inflow

        25

        M/s. Star India Pvt. Ltd.

        To undertake Uplinking and down linking of channels and transfer of shares to Non Resident shareholders.

        No Fresh Inflow

        ECONOMIC AFFAIRS

        26

        M/s.  Gallagher Mautitius Holdings, Mauritius

        Transfer of shares by way of share swap in IT sector.

        No Fresh Inflow

        27

        M/s . Pridhvi Asset Reconstruction and Securitization Company

        Issue of shares to NRIs.  The company is engaged in Asset Reconstruction and Securitisation activities.

        30.00

        INFORMATION & BROADCASTING

        28

        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).

        0.01

        TELECOMMUNICATION

        29

        M/s. XCEL Telecom Pvt. Ltd.

        Transfer of shares from Non-Resident to another Non-Resident in the Telecom sector.

        No Fresh Inflow

        URBAN DEVELOPMENT

        30

        M/s.  Drillmec S.R.L. Spain

        To set up a WoS to carry out the renting of construction of demolition equipment.

        2.00

        INDUSTRIAL POLICY & PROMOTION

        31

        M/s. Federal Mogul Corp

        To set up a new WOS to undertake Manufacture, distribution and sale of sealing products and gaskets. Proposal attracts Press Note 1 (2005 series)

        74.87

        SHIPPING

        32

        M/s. CMA CGM Agencies Worldwide

        Post facto approval for conversion of operating company into an operating cum holding company to make further downstream investment

        0.24

        2.   The following 4 (Four) proposals have been deferred:

        Sl. No

        Name of the applicant

        Particulars of the proposal

        1

        M/s GSR Sugars Pvt. Ltd., Hyderabad

        To issue share option convertible into equity shares.

        2

        M/s Lokmat Newspapers Pvt. Ltd., Mumbai

        (i) Induction of FDI in a company engaged in Print Media, (ii) Conversion of operating company into an operating cum holding company to make further downstream investment, and (iii) allotment of additional shares pursuant to the Scheme of demerger of the publication business through a scheme of demerger to be approved by the Hon'ble Bombay High Court.

        3

        M/s Prithvi Prakashan Pvt. Ltd., Mumbai

        To invest by subscribing to fresh equity shares and by acquiring existing equity shares in the business of printers and publishers of newspapers, magazines and periodicals, journals books and works and FM Broadcasting.

        4

        M/s Dow Jones & Company Inc., USA

        To make a WoS to carry out the publishing of facsimile editions of newspapers.

        3.  The following 3 (Three) proposal has been rejected:

        Sl. No

        Name of the applicant

        Particulars of the proposal

        1

        M/s.  Nagarjuna Construction Co. Ltd.

        To make amendment in two clauses of the FC approval letter.

        2

        M/s . Inuit U.S. Holdings Inc. USA

        To acquire equity share capital through multiple stock market transactions.

        3

        M/s.  Delight Investments Pte Ltd., Singapore

        Induction of foreign equity in two Indian companies and to convert their status from operating company into operating -cum-holding company  for making further downstream investments

        4. The following 2 (Two) proposals have been withdrawn from the Agenda.

        Sl. No

        Name of the applicant

        1

        M/s. Ansal Properties & Infrastructure Ltd., New Delhi

        2

        M/s.  Jaipur Mahua Tollway Pvt. Ltd., Rajasthan

         

        BSC/SS/HN/DN-305

        Foreign direct investment approvals expand sectoral inbound equity, permitting conversions to holding companies, WOS formation and downstream investments. Foreign direct investment approvals authorise inbound equity infusions, establishment of wholly owned subsidiaries, issuance of equity and compulsorily convertible instruments, share transfers and swaps, and conversion of operating companies into operating cum holding companies to enable downstream investments across multiple sectors; several proposals were deferred, a few rejected, and two withdrawn.
                          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 expand sectoral inbound equity, permitting conversions to holding companies, WOS formation and downstream investments.

                                Foreign direct investment approvals authorise inbound equity infusions, establishment of wholly owned subsidiaries, issuance of equity and compulsorily convertible instruments, share transfers and swaps, and conversion of operating companies into operating cum holding companies to enable downstream investments across multiple sectors; several proposals were deferred, a few rejected, and two withdrawn.





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