image

FDI Proposals Approved by the Government

Further to para 8 of the Press Release dated March 25, 2013, wherein it was stated that decision of the 6 (Six) proposals will be communicated separately, the Central Government has approved two (2)Proposals of Foreign Direct Investment (FDI) amounting to Rs. 89.33 crore approximately.

In addition, one proposal viz., M/s Yes Bank Limited, Mumbai amounting to Rs. 2650.00 crore, has been recommended for consideration of Cabinet Committee on Economic Affairs (CCEA).

Following two (2) proposals have been approved.

Sl. No.

Name of the applicant

Particulars of the proposal

FDI/NRIinflows

(Rs. in crore)

 PHARMACEUTICALS

1

M/s Sunij PharmaPvt. Ltd., Ahmedabd Induction of additional foreign equity in a pharmaceutical company.

0.46

ECONOMIC AFFAIRS (CM DIVISION)

2

M/s WCP Holdings III, Mauritius Acquisition of shares of an Indian stock exchange (NSE) from an existing financial institution shareholder.

88.87

The following two (2) proposals have been deferred:

Sl. No

Name of the applicant

Particulars of the proposal

1

M/s Brampton Pvt. Ltd. Clarification regarding limit on percentage of shareholding to be held either by Indian partner or foreign partner for forming the joint venture company.

2

M/s Scripbox.com India Pvt. Ltd., Bangalore Indian company acting as facilitator of investments into mutual funds (other financial Services not mentioned in the FDI policy) proposes to receive foreign investment.

The following one (1) proposal has been advised that FIPB approval is not required:

Sl. No.

Name of theapplicant

Particulars of the proposal

1

M/s Indian Energy Exchange Limited, Mumbai Post facto approval for the issue of compulsory convertible preference shares and equity shares to foreign investors. The company is engaged in the business of exchange of electricity.

The following one (1) proposal has been recommended for the consideration of CCEA, as the foreign equity inflow involved in the proposal is above Rs.1200.00 crore. 

Sl. No

Name of theapplicant

Particulars of the proposal

FDI/NRI inflows

(Rs. in crore)

1

M/s Yes Bank Limited, Mumbai To increase foreign equity participation through a qualified institutional placement (QIP) of Equity shares to eligible NRs and/or issue of GDRs to FIIs.

2650.00

 

*****

Tags: BangaloreCabinet Committee on Economic Affairsforeign direct investmentForeign Investment Promotion BoardIndiaJoint ventureMumbaiYes Bank

profile image

About eMinds Legal

eMinds Legal

eMinds Legal is a Corporate Law Firm based in Gurgaon, India specializing in Corporate Legal, Corporate Secretarial and Compliance. The Firm comprises of a team of Corporate Lawyers and Company Secretaries with in-depth subject matter knowledge and participative industry experience of over 15 years.

Corporate Law Referencer

Recent Articles

Recent Legal updates

Recent Gst Updates