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Government approved twenty proposals of Foreign Direct Investment

Nov 20, 2013 14:00 IST

The Government of India on 19 November 2013 approved 20 proposals of Foreign Direct Investment (FDI) amounting 915.83 crore rupees on the recommendation of Foreign Investment Promotion Board (FIPB). The FIPB hold a meeting in regard of the FDI on 24 October 2013.

The FIPB has sent a proposal of M/s Federal Bank Ltd., Kerala, amounting to 1400crore rupees for consideration to the Cabinet Committee on Economic Affairs (CCEA).

The 20 proposals that have been approved are:

Sl. No.

Name of the applicant

Particulars of the proposal

FDI/NRI inflows (Rs. in crore)

1.

M/s Castleton Investment Ltd., Mauritius; M/s GlaxoSmithKline Pte Ltd., Singapore

NR to NR transfer of shares between the foreign promoter group companies of an Indian pharma company – deletion of the standard conditions.

Nil

2.

M/s Intas Pharmaceuticals Ltd.

To issue fresh equity shares to eligible non-resident investors in a book-building IPO and by an offer for sale by an existing foreign investor M/s Mozart Limited to carry out the business of pharmaceutical sector.

225

3.

M/s Fenwal India Pvt. Ltd., Gurgaon

Transfer of shares from NR to NR as a part of global restructuring of the group companies.  The investee company is engaged in the pharma sector.

Nil

4.

M/s Menarini Raunaq Pharma Ltd.

Conversion of ECB into equity shares in a pharma sector company.

Nil

5.

M/s Perrigo API India Pvt. Ltd., Mumbai

To increase the foreign equity participation from 85% to 100% by way of issue of fresh equity shares and transfer of equity shares from resident to non-resident shareholders in a pharma sector company.

130

6.

M/s Cigniti Technologies Ltd., Hyderabad

Transfer of shares by way of share swap in a software company.

Nil

7.

M/s Hardinge Machine Tools B.V., Netherlands

To set up a LLP to carry out the end-to-end business of workholding products and their after sales services.

21.99

8.

M/s Casbaa Ltd., Hong Kong

To set up a LLP in India to be engaged in representing and promoting cable and satellite industry in India.

0.02

9.

M/s Luxora Realators Pvt. Ltd., Mumbai

Condonation of delay in bringing in the minimum capitalization amount of US $ 5 million into the FDI compliant real estate project.

Nil

10.

M/s Sugam Vanijya Holdings Pvt. Ltd., New Delhi

NR to NR transfer of FCDs within group companies before the completion of the 3 year lock in period.

Nil

11.

M/s Religare Enterprises Ltd.

To issue warrants to carry out the business of Investment Advisory Services and Financial Consultancy and to make holding investments in the NBFC Sector.

179.43

12.

M/s ANZ Capital Pvt. Ltd.

Post facto approval for exemption from minimum capitalisation requirement for a fund based NBFC, in order to regularise all transactions before winding up and liquidating the NBFC.

Nil

13.

The Nuance Group AG

To set up a duty free shop in Chatrapati Shivaji International Airport, Mumbai.

19

14.

M/s Emerald Group Publishing (India) Pvt. Ltd., Delhi

WOS of a foreign company to undertake the additional activities of Publishing of books and their supplements (text books, hand books, eBooks) in India for universities, educational institutions, research centres, other corporate etc.

12.37

15.

M/s DA Vinci GmbH, Berlin

To set up a WOS in India to undertake the down-linking and distribution of a Non-news and Non-current Affairs Edutainment Channel.

5

16.

M/s Berns Brett India Insurance Broking Pvt. Ltd., Delhi

Company having foreign investment to carry out the business of insurance broking under the regulation of IRDA.

0.65

17.

M/s JM Financial Limited, Mumbai

An Indian Core Investment company to issue warrants.

22.19

18.

M/s Aavishkar India Micro Venturecental Fund

Transfer of units from NR to NR in a Domestic Venture Capital Fund (DVCF).

Nil

19.

M/s Sacmi Engineering (India) Pvt. Ltd., Mumbai

Issue of equity shares to the shareholders of its foreign parent company pursuant to a High Court approval of the Scheme of Demerger.

Nil

20.

M/s Singapore Airlines Ltd., Singapore

To set up a JV Company in the ratio of 49%: 51%, which will be engaged in domestic and international full service scheduled passenger airlines services in the civil  aviation sector in India.

303.18

• The proposals of M/s Mordril Properties (India) Pvt. Ltd., Mumbai and M/s Cygnus Medicare Pvt. Ltd., Delhi were deferred
• The proposals of M/s Big India Malls Pvt. Ltd., New Delhi and M/s Indostar Capital Finance Pvt. Ltd., Mumbai (No.217/2012-FC.I) were rejected
• Proposal of M/s MY Mobile Payment Ltd., Mumbai (MMPL) has been advised to access automatic route
• In case of M/s Dashtag UK proposal has been advised that FIPB approval is not required.
• M/s Provimi Animal Nutrition India Pvt. Ltd., of Karnataka's proposal has been advised to apply afresh after the approval of the scheme of arrangement by the competent court.
• The proposal of the Federal Bank Ltd., Kerala was recommended for the consideration of CCEA, as the investment involved in the proposals is above 1200 crore Rupeees
• In case of M/s DLF Limitless Developers Pvt. Ltd. and M/s SingTel Global (India) Pvt. Ltd. the decision in case of their proposals have been kept in abeyance

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