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Government Approves 17 Proposals of Foreign Direct Investment

Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on March 13, 2013, the Central Government has approved Seventeen (17) proposals of Foreign Direct Investment amounting to Rs. 262.5594 crore approximately.

Following are the details of proposals considered in the Foreign Investment Promotion Board (FIPB) Meeting held on 13.03.2013:      

Following Seventeen (17) proposals have been approved :

Sl. No.

Name of the applicant

Particulars of the proposal

FDI/NRIinflows

(Rs. In crore)

INDUSTRIAL POLICY & PROMOTION

1

Ms. Sonia Sharma and Mr. Harish Kumar Sharma Induction of foreign capital contribution in the proposed LLP.

0.32

2

M/s Hussmann International Holdings (Netherlands)Cooperatief, U.A Induction of foreign capital contribution in an LLP.

0.0004

PHARMACEUTICALS

3

M/s SIDD Life Sciences Pvt. Ltd., Tamil Nadu Post facto approval for issuance of shares prior to receipt of full inward remittance.  Engaged in the business of manufacturing of medical/surgical equipment & orthopaedic appliances etc.

0.61(already brought in)

4

M/s Sanofi-Synthelabo (India) Limited, Mumbai An existing pharma company to acquire anotherpharma company through internal accruals.

180.00

5

M/s OxfordLifesciences Pvt. Ltd., Mumbai Transfer of shares from Resident to NR in abrownfield Indian pharmaceutical company.

0.18

6

M/s Oxford Laboratories Pvt. Ltd., Mumbai Transfer of shares from Resident to NR in abrownfield Indian pharmaceutical company.

0.52

7

M/s MylanLaboratories Limited, Hyderabad An existing Indian pharma company with FDI to acquire formulation vials manufacturing facility from another existing Indian pharma company.

Nil

FINANCIAL SERVICES

8

M/s AGS Transact Technologies Limited, Mumbai Company having FDI to set up White Label ATMs.

Nil

DEFENCE PRODUCTION

9

M/s AmertecSystems Pvt. Ltd., New Delhi Induction of foreign equity to carry out the manufacturing of advanced electronic systems, test systems, simulators and electronic systems for military applications.

0.05

HOME AFFAIRS

10

M/s Pipavav Defenceand Offshore Engineering Company Ltd. A defence sector company, which has 26 percent foreign equity participation (provisional approval) including for issuance of FCCBs has sought amendment in FC approval and issuance of shares to an identified foreign investor.

Nil

INFORMATION & BROADCASTING

11

M/s Asia Net Communication Ltd. Transfer of shares from Resident to Non-resident to carry out the business of broadcasting non-news and current affairs television channels.

0.02

INDUSTRIAL POLICY & PROMOTION

12

M/s Delhi Duty Free Services Pvt. Ltd. Post facto approval for transfer of shares from resident to Non-resident for setting up a JV company operating duty free shops.

Nil

13

M/s MotonColortronic Plastic Machinery (I) Pvt. Ltd. Post-facto approval for issue and allotment of shares issued towards pre-incorporation expenses to carry out the business of manufacture ofAuxillary equipment used in Plastic/Polymers processing industry.

Nil

TELECOMMUNICATIONS

14

Augere Wireless Broadband (I) Pvt. Ltd. To capitalize the balance amount of the spectrum fee earlier paid to DoT.

70.66 (already brought in)

INDUSTRIAL POLICY & PROMOTION

15

M/s Zap Piling India Pvt. Ltd., Chennai Post facto approval for issuance of shares on incorporation of the company, the consideration for which was received subsequently.

2.54

16

Mrs. JayalakshmiJagannathan, Chennai To set up an LLP.

0.009

17

M/s Na Pali Europe SARL, France Induction of foreign contribution in an Indian company to carry out the business of single brand retail trading.

7.65

The following seven (7) proposals have been deferred:

Sl. No

Name of the applicant

Particulars of the proposal

1

M/s MylanLaboratories Ltd., Hyderabad An existing listed Indian pharma company with FDI to acquire entire business of manufacturing from another existing Indianpharma company.

2

M/s Muthoot Finance Limited, Kerala Company having FDI to set up White Label ATMs.

3

M/s EuronetServices India Pvt. Ltd. Company having FDI to set up White Label ATMs.

4

M/s EmpaysPayment System India Pvt. Ltd., Mumbai Company having FDI to undertake the business of providing Multi-bank Instant Mobile Technology.

5

M/s DewsoftFabrication Private Limited, New Delhi A defence sector company to transfer 26 % holdings to a foreign company against technology transfer fee payable to the foreign company.

6

M/s Punj Lloyd Representation against the denial of security clearance.

7

M/s K. Tech Pvt. Ltd., Chennai To issue equity shares against the value of import of first hand machinery to carry out the business of manufacturing certain automobile components.

The following one (1) proposal has been rejected:

Sl. No

Name of the applicant

Particulars of the proposal

1

M/s TrakshunManagement Consultants LLP LLP to become a WOS of a foreign company.

The following two (02) proposals have been withdrawn from the Agenda:

Sl. No

Name of the applicant

1

M/s Srei Infrastructure Finance Limited, Kolkata

2

M/s Stemcor Holdings Ltd.

Decision in the following one (1) proposal will be communicated separately:

Sl. No.

Name of theapplicant

Particulars of the proposal

1

M/s DominoPrintech Pvt. Ltd. Clarification regarding clause 6, 11 and 19 of FC approval dated 10.5.2012.

 

*****

Tags: FIPBforeign direct investmentForeign Investment Promotion BoardIndiaLimited liability partnershipLLPMumbaiSanofi-Synthelabo

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