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Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on 22nd January, 2009, Government has approved 12 Proposals of Foreign Direct Investment amounting to Rs. 751.51 Crore approximately. The proposals relate to Ministries/Departments, namely, Economic Affairs, Civil Aviation, Food Processing Industry, Information & Broadcasting and Commerce.
Details of the proposals approved are as follows:
Sl. No. | Name of the applicant | Particulars of the proposal | FDI/NRI inflows (Rs. In Crore) |
ECONOMIC AFFAIRS
1 | M/s Interglobe Technology Quotient Pvt. Ltd., Gurgaon | Conversion of operating company into operating cum holding company to make downstream investments. | No Fresh Inflow |
2 | M/s Capulelt Ltd., Mauritius | Conversion of equity by an erstwhile OCB from non-repatriation to repatriation basis. | No Fresh Inflow |
3 | M/s AFC Network India Pvt. Ltd., New Delhi | Induction of foreign equity by way of transfer of equity shares from the initial subscriber and also by way of allotting fresh equity shares of the company for undertaking down-linking of Non News & Current Affairs Channels. | 1.5 |
4 | M/s AIR Works India Engineering Pvt. Ltd., Gurgaon | Conversion of operating company into operating cum holding company to make downstream investments. | No Fresh Inflow |
5 | M/s Interactive Avenues Marketing Solutions Pvt. Ltd., Mumbai | Post facto approval for conversion of operating company into operating cum holding company to make downstream investments. | No Fresh Inflow |
6 | M/s Amritjal Venture Pvt. Ltd., Secunderabad | Conversion of operating company into operating cum holding company to make downstream investments. | 300.00 |
7 | M/s Menzies Aviation Bobba (B'lore) Pvt. Ltd., Bengaluru | Ex-post facto approval for partly paid up preference shares. | No Fresh Inflow |
8 | M/s GTI Mediventures, Mauritius | To set up a foreign owned Indian holding company to make downstream investments. | 0.01 |
CIVIL AVIATION
9 | M/s Blue Dart Express Ltd. | To acquire additional shares to carry out the Value added transportation infrastructure business. | No Fresh Inflow |
FOOD PROCESSING INDUSTRY
10 | M/s McCain Foods(I) Pvt. Ltd. | To delete one of the condition of the FC approval. | No Fresh Inflow |
INFORMATION & BROADCASTING
11 | M/s Wire and Wireless (I) Ltd. | Issuance of partly paid-up equity shares. | 450.00 |
COMMERCE
12 | M/s Genworth Financial Inc, USA | Amendment in the existing FIPB approval. | No Fresh Inflow |
2. The following 5 (Five) proposals have been deferred:
Sl. No | Name of the applicant | Particulars of the proposal |
1 | M/s Mallcom (India) Ltd., Kolkata | Induction of foreign equity in the enhanced paid up capital to carry out the marketing and selling industrial safety products. The proposal attracts Press Note 1 of 2005. |
2 | M/s Comecer S.P.A. Italy | To set up a WOS for undertaking the activities of trading of items sourced from small sector and Test marketing. |
3 | M/s Tanla Solutions Ltd., Hyderabad | Conversion of operating company into operating cum holding company to make downstream investments. |
4 | M/s Akar Info-Media Pvt. Ltd., Ahmedabad | Induction of foreign equity by issuing and allotting equity shares to carry out the activity of publishing of technical magazines. |
5 | M/s DSP Technology India Pvt. Ltd., Bangalore | Transfer of shares by way of share swap |
3. The following 3 (Three) proposals have been rejected:
Sl. No | Name of the applicant | Particulars of the proposal |
1 | M/s Three C Investment (Mauritius) Ltd., Mauritius | Conversion of non-repatriable shares into re-patriable shares. |
2 | M/s Southern CNG Automobiles India Pvt. Ltd., Kolkata | Induction of FDI by a Bangladeshi National to set up a CNG conversion plant and refilling station. |
3 | M/s G4S Corporate Services India Pvt. Ltd., Gurgaon | Conversion of existing status of operating company into foreign owned Indian Holding Company to make downstream investment. |
4. The Board noted the request of M/s Suzlon Energy Ltd., Ahmedabad for raising FDI through ADR/Preferential allotment of shares instead of rights issue and for raising the FDI percentage from 20.76% to 25.25%.
BSC/BY/DN-27/08
Foreign direct investment approvals expand downstream holding structures and equity issuances; some proposals deferred or rejected under policy concerns. Government approved twelve FDI proposals on FIPB recommendations across multiple sectors, principally authorising conversions to operating cum holding structures for downstream investments, equity issuances including partly paid shares, and setting up foreign owned Indian holding companies; most approvals involved no fresh inflow while a few recorded new equity. The Board deferred five proposals raising policy or Press Note issues and rejected three proposals where proposed conversions or investor nationality conflicted with applicable policy; it also noted a request to amend mode and percentage of FDI in an existing approval. of Press 'Enter' after typing page number.
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