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        Customs, DGFT & SEZ

        16 FDI proposals approved

        July 17, 2009

        📋
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        Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on July 10, 2009, Government has approved 16 Proposals of Foreign Direct Investment amounting to Rs. 891.71 Crore approximately.                                                                                                                                                                                               Following 16 (Sixteen) proposals have been approved.

        Sl. No.

        Name of the applicant

        Particulars of the proposal

        FDI/NRI inflows (Rs. In Crore)

        COMMERCE

        1

        M/s Oviesse S.p.A.

        To set up a joint venture with 51% participation by way of equity shares for Retail trading of products under the single brand.

        Not indicated

        2

        M/s Aer Rianta International CPT, Ireland

        To set up a joint venture company with a foreign equity of 50.1% to undertake the business of establishing and operating duty free shops in the duty free zones and to incorporate a holding company in India to make downstream investments to pursue other duty free opportunities.

        46.00

        ECONOMIC AFFAIRS

        3

        M/s Krizm Hotels Pvt. Ltd. ('Krizm'), New Delhi

        Ex-post-facto approval for grant of the right to subscribe to fully paid up equity shares vide issuance of warrants.

        2.40

        4

        M/s Teamec Chlorates limited, Chennai

        To induct foreign equity on repatriation and on non-repatriation basis.  The proposal attracts Press Note 1 of 2005.

        4.33

        5

        M/s Sterlite Technologies Limited, Maharashtra

        Issue and allotment of warrants on preferential basis.

        41.28

        TELECOMMUNICATION

        6

        M/s Verdant Telemetry & Antenna Systems Pvt. Ltd.

        To induct NRI investment to carryout   manufacturing of Airborne antenna, Terrestrial Antenna, Radomes, Telemetry transceivers & Composite components for defence and aerospace application.

        0.75

        CHEMICAL & FERTILIZERS

        7

        M/s Vista Phamaceuticals Ltd.

        Ex-post facto approval for issuance of convertible share warrants and conversion of the same into equity shares.

        5.80

        INUDUSTRIAL POLICY & PRMOTION

        8

        M/s SAET S.P.A. Italy

        To get the status of "Investing Company" instead of "Operating-cum-Investing company" as per Press Note 4 of 2009.

        10.00

         INFORMATION & BROADCASTING

        9

        M/s UTV Software Communications Ltd.,

        To increase the share holding from 75% to 85% by purchase of equity shares and to amend the FC approval letter.

        No Fresh Inflow

        ECONOMIC AFFAIRS

        10

        M/s Teesta Urja Ltd., New Delhi

        Ex-post facto approval to regularize the allotment of equity shares on partly paid basis.

        547.20

        11

        M/s IHHR Hospitality Pvt. Ltd., New Delhi

        Ex-post facto approval to regularize the allotment of equity shares on partly paid basis.  

        No Fresh Inflow

        12

        M/s IL&FS Trust Company Ltd., Mumbai

        To allow the Trust to continue to hold investment in Multi Commodity Exchange of India Limited (MC).  

        108.00

        INUDSTRIAL POLICY & PRMOTION

        13

        M/s KVK Energy & Infrastructure Pvt. Ltd.,

        To raise additional FDI from an existing investor by way of issue of Compulsorily Fully Convertible Debentures.

        116.00

        14

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

        To provide for enhancement of permitted foreign investment to 40% of the issued share capital.

        9.20

        INFORMATION & BROADCASTING

        15

        M/s Interpublic Mauritius Ltd., Mauritius

        To make investment of 50% equity by way of subscribing to equity shares.  The proposal attracts Press Note 1 of 2005.

        0.75

         ECONOMIC AFFAIRS

        16

        M/s Zee Entertainment Enterprises Ltd.

        Transfer of fully paid equity shares to an overseas entity belonging to the Promoters Group, for up-linking a non-news and current Affairs TV channel.

        No Fresh Inflow

                    The following 13 (Thirteen) proposals have been deferred:

        Sl. No

        Name of the applicant

        Particulars of the proposal

         

        1

        M/s BEE KAYDASS India Pvt. Ltd.

        Transfer of shares from Resident shareholders to NRI.  The company is engaged in the tea plantation.

         

        2

        M/s Clivet TF Air Systems (P) Ltd., Bangalore

        To issue shares for other than cash consideration.

         

        3

        M/s NR Hytech Engineers pvt. Ltd., Thane

        Ex-post-facto approval for issuance of shares against import of machinery.

         

        4

        M/s Jindal Saw Ltd., Uttar Pradesh

        To allot warrants under guidelines for preferential issues as contained in Chapter XIII of the SEBI Guidelines, 2000.

         

        5

        M/s Sahajanand Medical Technologies Pvt. Ltd., Surat

        Transfer of shares by way of share swap.  The Indian company has one SSI Unit.

         

         

        6

        M/s K S Oils Limited, Madhya Pradesh

        The issuance and allotment of warrants (as well as full paid-up equity shares to be issued on conversion of such warrants) to the Foreign Investors.

         

        7

        M/s Big Drum India Pvt. Ltd., Hyderabad

        To allot shares in lieu of consideration of the value of the machineries supplied.  

         

        8

        M/s Dish TV India Ltd.,

        To issue convertible bonds, convertible into equity shares at a 'conversion price' as specified in an offering circular in relation thereto and on terms and conditions mentioned thereunder, to such persons resident outside India, as may be permissible under the applicable laws.

         

        9

        M/s ISNI Electric Power Company Pvt. Ltd., USA

        To make an amendment in the FC approval letter.

         

        10

        M/s United Breweries (Holdings) Limited, Bangalore

        Ex-post facto approval for (i) issue of fully convertible equity warrants, and (ii) for allotment of fully paid up equity shares on conversion of convertible equity warrants.

         

        11

        M/s Unitech Wireless (Tamilnadu) Pvt. Ltd

        To increase the foreign shareholding up to 74%.

         

        12

        M/s Rish Pte. Ltd.

        Transfer of shares from an erstwhile OCB to NR.

         

        13

        M/s Exensys Software Solutions Ltd.

        Ex-post facto approval for issuance of warrants convertible into equity shares.

         

         

         

         

         

         

                    The following 2 (Two) proposals have been rejected:

        Sl. No

        Name of the applicant

        Particulars of the proposal

        1

        M/s Indium IV (Mauritius) Holdings Ltd.,

        To invest in the units of the Fund.

        Foreign Investor must register as a FVCI.

        2

        M/s Benq India Pvt. Ltd.

        To make an amendment in the FC approval letter.

        Violation of test marketing condition cannot be condoned.

                    The following 1 (One) proposal has been advised to access automatic route:           

        Sl. No

        Name of the applicant

        Particulars of the proposal

        FDI/NRI inflows (Rs. In Crore)

         

        1

        M/s Celebi Hava Servisi A.S. (Celebi), Turkey

        To set up a special purpose company (Joint Venture company) with a foreign equity of 74% to upgrade, modernize, finance, operate, maintain and manage the existing Cargo terminal.  The proposal attracts Press Note 1 of 2005.

        Amount not specified

         

         

         

         

         

         

         

                    The following 01 (One) proposal has been noted:

        Sl. No.

        Name of the applicant

        Particulars of the proposal

        FDI/NRI inflows (Rs. In Crore)

        1

        M/s Cargil India Pvt. Ltd.,

        To transfer all the approval letters in accordance with the orders passed by the Hon'ble High Court of Delhi sanctioning the scheme of amalgamation.

        Nil

         

                    In the proposal of M/s ByCell Telecommunication India Pvt. Ltd., all FC approvals have been revoked.

        * * * * *

        BSC/BY/GN-262/09

         

        Foreign direct investment approvals and regulatory classifications shaping inbound investment permissions and compliance outcomes. Government approved multiple Foreign Direct Investment proposals across sectors, permitting joint ventures, equity infusions, warrant/convertible instrument issuances, shareholding changes and regularisation of prior allotments, with certain approvals conditioned on compliance with Press Notes and repatriation terms; a subset received ex post facto regularisation, one proposal was advised to take the automatic route, approvals for one company were revoked, thirteen proposals were deferred pending further scrutiny, and two proposals were rejected for non compliance with FVCI registration and test marketing conditions.
                          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 and regulatory classifications shaping inbound investment permissions and compliance outcomes.

                                Government approved multiple Foreign Direct Investment proposals across sectors, permitting joint ventures, equity infusions, warrant/convertible instrument issuances, shareholding changes and regularisation of prior allotments, with certain approvals conditioned on compliance with Press Notes and repatriation terms; a subset received ex post facto regularisation, one proposal was advised to take the automatic route, approvals for one company were revoked, thirteen proposals were deferred pending further scrutiny, and two proposals were rejected for non compliance with FVCI registration and test marketing conditions.





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