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      Home› news › News and Press Release › 2009 › January, 2009 › This
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      News and Press Release

      31 FDI PROPOSALS APPROVED

      January 29, 2009

      Contents
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      Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on 9th January, 2009, Government has approved 31 Proposals of Foreign Direct Investment amounting to Rs. 1277.23 Crore approximately.  The proposals relate to Ministries/Departments, namely, Commerce, Economic Affairs, Telecommunication, Urban Development, Civil Aviation, Industrial Policy & Promotion, Post and Information & Broadcasting.                                                                                                                                                                                   

      Details of the 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 Paul Hartmann Finance B.V. Netherlands

      To set up a WOS to undertake wholesale trading.  The proposal attracts Press Note 1 of 2005.

      1.70

      2

      M/s Now (Asia) INC. Mauritius

      To manufacture equipment relating to petroleum sector, wholesale trading to customers only in the Petroleum sector.  The proposal attracts Press Note 1 of 2005.

      28.00

      ECONOMIC AFFAIRS

      3

      M/s Alcatel Lucent India Ltd., New Delhi

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

      No Fresh Inflow

      4

      M/s Ramky Enviro Engineers Ltd., Hyderabad

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

      320.00

      5

      M/s Rama Cylinders Pvt. Ltd., Mumbai

      To issue and allot fully funded/ paid warrants.

      84.03

      6

      M/s Universal Music India Pvt. Ltd., Mumbai

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

      1.20

      7

      M/s Cambridge Technology Enterprises Ltd., Hyderabad

      Transfer of shares by way of share swap and issuance of warrants.

      0.20

      8

      M/s Si2 Microsystems Ltd., Bangalore

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

      62.332

      9

      M/s Haven Stead Developer Ltd., Chennai

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

      25.00

      10

      M/s Easiprocess Pvt. Ltd., Bangalore

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

      2.00

      11

      M/s Millennium Holdings Ltd., Mauritius

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

      14.79

      12

      M/s CMS Computers Ltd., Mumbai

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

      190.00

      13

      M/s Directi Internet Solution Pvt. Ltd., Mumbai

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

      No Fresh Inflow

      14

      M/s Bridgestone Corporation, Japan

      Conversion of operating company into an operating cum holding company to make further downstream investment.  The proposal also attracts Press Note 1 of 2005.

      33.30

      15

      M/s Neilsoft Ltd., Pune

      Transfer of shares by way of share swap.

      No Fresh Inflow

      16

      M/s Kaefer Punj Lloyd Ltd., Gurgaon

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

      25.16

      TELECOMMUNICATION

      17

      M/s Bharti Telemedia Limited (No.344/2008-FC.I)

      Ex-post facto approval for indirect foreign investment in a company engaged in Teleport sector.

      No Fresh Inflow

      URBAN DEVELOPMENT

      18

      M/s Isolux Corsan Indian Engineering & Construction Pvt. Ltd., Gurgaon

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

      01.0

      CIVIL AVIATION

      19

      M/s Kerns Aero Products Pvt. Ltd.

      (i) To issue shares against technical know how fee, training and supply of designs and (ii) issue of warrants.

      10.00

      INDUSTRIAL POLICY & PROMOTION

      20

      M/s Phillips Electronics India Ltd.

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

      No Fresh Inflow

      21

      M/s Morgan Stanley Financial Services Pvt. Ltd.

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

      100.00

      22

      M/s Radha Krishna Hospitality Services Ltd.

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

      No Fresh Inflow

      TELECOMMUNICATION

      23

      M/s Pacific Internet Ltd.

      To change the shareholding structure.  The company is engaged in providing internet services.

      15.84

      24

      M/s Onmobile Global Ltd.

      Transfer of the shares held by the company in favour of their 100% WOS.

      No Fresh Inflow

      URBAN DEVELOPMENT

      25

      M/s Cushman & Wakefield India Pvt. Ltd.

      To delete one of the Clause of the FC approval.

      No Fresh Inflow

      COMMERCE

      26

      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.

      0.005

      POST

      27

      M/s Continental Air Express Pvt. Ltd.

      Induction of foreign investment in courier services.

      0.02

      ECONOMIC AFFAIRS

      28

      M/s Dun & Bradstreet Information Services India Pvt. Ltd., Mumbai

      To make investment of funds from its internal accruals or out of fresh remittances from the overseas company or by way of a combination of internal accruals and fresh remittances from the overseas company for equity participation of a minimum of 51% of the paid up equity share capital and also make further investments.

      No Fresh Inflow

      29

      M/s Keystone Realtors Pvt. Ltd., Mumbai

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

      300.00

      INFORMATION & BROADCASTING

      30

      M/s South Asian Regional Investments Singapore Pte Ltd., (2) M/s South Asian Regional Investment Singapore II Pte Ltd., Singapore

      Sale and transfer of shares from resident shareholders to non-resident for owning and operating a language channel.  The proposal also attracts Press Note 1 of 2005.

       

      60.00

      31

      M/s Dow Jones & Company Inc., USA

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

      2.16

                  The following 17 proposals have been deferred:

      Sl. No

      Name of the applicant

      Particulars of the proposal

      1

      The Bank of Nova Scotia, Canada

      To set up a WOS to undertake wholesale trading and hedging in precious metals etc.

      2

      M/s DNATA, UAE

      To set up a JV company to provide ground handling services for both domestic and international operators as well as cargo handling and related services.

      3

      M/s Dynamatic Technologies Ltd., Bangalore

      Ex-post facto approval for engaging in the business of defense and strategic industries.

      4

      M/s Indtech Construction Pvt. Ltd., New Delhi

      Transfer of rights attached with warrants exercisable into equity shares.

      5

      M/s Sanlam Investment Management (Pty) Ltd., South Africa

      Issue of warrants and conversion of operating company into an operating cum holding company to make further downstream investment.  One of the downstream subsidiaries is engaged in the commodity broking.

      6

      M/s Logix Microsystems Ltd., Bangalore

      Transfer of shares by way of share swap.

      7

      M/s ABG Bulk Handling Pvt. Ltd., Mumbai

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

      8

      M/s Noida Softwares Technology Park Ltd.

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

      9

      M/s Mahindra Forgings Ltd.

      Transfer of shares from a resident to a non-resident on a Stock Exchange.

      10

      M/s ABG Kandla Container Terminal Ltd.

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

      11

      M/s ELbee Express Pvt. Ltd.

      To issue and allot Cumulative Compulsory Convertible Preference shares.  The company is engaged in the business of providing courier and logistics services.

      12

      M/s Chorus Call Conferencing Services India Pvt. Ltd.

      To increase the FDI from existing 51% to 74% of the paid up capital of the company in telecom sector.

      13

      M/s World Space (I) Pvt. Ltd.

      To provide/undertake the activities of web based services.

      14

      M/s Genworth Financial Inc, USA

      Amendment in the existing FIPB approval.

      15

      M/s High Mark Credit Information Services Pvt. Ltd., Mumbai

      To issue and allot up to 10% of the issued share capital.

      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

      M/s JT International Mauritius Pvt. Ltd

      To increase in foreign shareholding from 50% to 74%.

                  The following 4 proposal has been rejected:

      Sl. No

      Name of the applicant

      Particulars of the proposal

      1

      M/s RBS Credit and Financial Development Pvt. Ltd., Kolkata

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

      2

      M/s Vatika Limited, New Delhi

      To retain the completed non FDI compliant projects/ assets and to exercise the option to retain the incomplete non-FDI complaint projects/ assets, post the infusion of FDI from various sources.

      3

      M/s GSR Sugars Pvt. Ltd., Hyderabad

      To issue "share option" convertible into equity shares.

      4

      M/s Meta Telecom Pvt. Ltd.

      Increase in Foreign equity from 40% to 73.45% in a company engaged in ILD and NLD Services.

      The following three proposals have been recommended for the consideration of CCEA, as the investment involved in the proposals is above Rs. 600.00 Crore.      

      Sl. No

      Name of the applicant

      Particulars of the proposal

      FDI/NRI inflows (Rs. In Crore)

      1

      M/s Orange Realty Pvt. Ltd., New Delhi

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

      2051.00

      2

      M/s NTT Docomo Inc., Japan

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

      12924.00

      3

      M/s NTT Docomo Inc., Japan$

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

      949.07

      $          The Proposal will be placed before CCEA only after receipt of security clearance from MHA.           

      The following 1 (One) proposal has been withdrawn by the applicant.

      Sl. No

      Name of the applicant

      Particulars of the proposal

      1

      M/s. EZY Infosoft Private Limited, Chandigarh

      Conversion of operating company into an operating cum holding company, transfer of shares by way of share swap.  Proposal also attracts Press Note 1 of 2005.

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      BSC/BY/GN-20/09

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