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Government Approves 16 FDI Proposals

Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on May 10, 2013, the Central Government has approved sixteen (16) proposals of Foreign Direct Investment (FDI) amounting to Rs. 1646.875 crore approximately.

Details of Proposals considered in the Foreign Investment Promotion Board (FIPB) Meeting held on 10th May, 2013 are as follows:

Following sixteen (16) proposals have been approved:

Sl. No. Name of the applicant Particulars of the proposal FDI/NRIinflows(Rs. In crore)
1 M/s BTI Payments Private Limited, Bangalore To set-up White Label ATMs, as an additional activity, with additional FDI to be brought in from its parent company. 108.50
2 M/s Korea Western Power Co. Ltd., Korea To invest in an Indian investing company. 270.00
3 M/s SamvardhnaMotherson International Limited Conversion of equity shares on non-repatriable basis to repatriable basis held by the foreign investor, in an investing company. Nil
4 M/s Celio International Belgium To increase participation from 51% to 100% in an Indian company engaged in the business of single brand retail trading of products. 39.50
5 M/s Vileroy & BochAG, Germany To invest 50% equity in a proposed JV company for to carry out the business of single brand retail trading of products. 1.12
6 M/s Multi Screen Media Pvt. Ltd Deletion of compounding condition. Nil
7 M/s MylanLaboratories Ltd., Hyderabad An existing listed Indian pharma company with FDI to acquire entire business of manufacturing from another existing Indian pharma company. Nil
8 M/s MylanLaboratories Limited, Andhra Pradesh An existing listed Indian pharma company with FDI to acquire entire business of manufacturing from another existing Indian pharma company. Nil
9 M/s Terumo Mauritius Holding Ltd Existing pharmaceutical company to increase foreign equity participation from 74% to 100%. 90.00
10 M/s Medreich Ltd A foreign owned Indian pharma company to convert a 50% owned downstream pharma company into aWoS by means of internal accruals. Nil
11 M/s Darjeeling Organic Tea Estates Pvt. Ltd. To increase foreign equity participation from 49% to 60.50% from existing and four new foreign investors to carry out the business of production, distribution and export of tea. 105.00
12 M/s SEAF International FDI, Mauritius To make foreign investment over a period of time by subscribing to one or more classes of units of a Fund making investment in food & agriculture related sector. 22.375
13 M/s Aavishkar India Micro Venture Capital/ M/s Care Canada Transfer of units from NR to NR in a Domestic Venture Capital Fund Nil
14 M/s Maini Precision Products Pvt. Ltd Deletion of conditions requiring the prior approval of DGCA as well as compounding, from the approval letter dated 05.05.2011. Nil
15 M/s ABG Container Handling Pvt. Ltd., Mumbai Investing company proposes to receive foreign investment for making downstream investment. 48.64
16 M/s Vijay Television Pvt. Ltd. The existing domestic shareholding in the non-news channel business is being acquired by the foreign promoters. 961.74

The following eight (8) proposals have been deferred:

Sl. No Name of the applicant Particulars of the proposal
1 M/s Financial software and Systems Pvt. Ltd., Chennai An Indian financial software transaction processing solutions company having FDI proposes to engage in the additional activity of setting up, owning and operating White Label ATMs.
2 M/s Equitas Holdings Pvt. Ltd To increase FDI percentage in investing company by way of transfer of shares from Resident to Non-resident.
3 M/s Jeevan Telecasting Corporation Ltd MHA has proposed for revocation of existing approval.
4 M/s GreycellsEducation Ltd To issue warrant to carry out the business of educational services rendered by technical or vocational colleges, schools and other institutions.
5 M/s IL&FS Securities Services Ltd Merger of an Indian company into another Indian company, with the approval of Hon™ble High Court Mumbai.
6 M/s MaharashtraTransmission Communication Infrastructure Limited, Mumbai Post facto approval for issuance of FDI compliant instruments to an Indian company having foreign equity participation and other foreign investors to undertake the business of providing telecom services in the IP Category I.
7 M/s Sterlite Networks Limited Company engaged in the business of Infrastructure Provider Category-I (IP-I), in telecom sector to undertake additional activities and consequently proposes to reduce FDI from 100% to 74%.
8 M/s P5 Asia Holding Investments (Mauritius) Limited, Mauritius NR to NR transfer of shares to carry out the business of (a) Broadcasting a non- news and current affairs television channel namely StarCJ alive Channel; (b) wholesale cash and carry trading of products; and (c) creation of home shopping content for broadcast through any and all mediums, including the channel, all within  India.

The following two (2) proposals have been recommended to advise the applicant that the proposals are not within the purview of FIPB:

Sl. No Name of theapplicant Particulars of the proposal
1 Dr. A. JawaharPalaniappan, USA Post facto approval for regularization of equity shares.  The company is engaged in the activity of printing magazines, telephone directories, text books, etc.
2 M/s Akzo Nobel India Ltd., Kolkata Conversion of unsecured loan into capital grant in the chemicals & paints sector.

Decision in the following one (1) proposal has been kept in abeyance:

Sl. No.

Name of the applicant

Particulars of the proposal

8

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

Tags: Andhra PradeshAutomated teller machineFDIFIPBforeign direct investmentForeign Investment Promotion BoardIndiaVenture capital

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