GOVERNMENT APPROVES EIGHT (8 ) PROPOSALS OF
FOREIGN DIRECT INVESTMENT AMOUNTING TO ABOUT RS. 696.23 CRORE
Details of Proposals considered in the Foreign
Investment Promotion Board (FIPB) Meeting held on 12.04.2013
Following
eight (8) proposals have been approved:
|
Sl. No.
|
Name of the applicant
|
Particulars of the proposal
|
FDI/NRI inflows
(Rs. in crore)
|
|
1
|
M/s McKinsey & Company Inc. India, USA
|
To set up an LLP to be engaged in providing
management consultancy services.
|
0.99
|
|
2
|
M/s AWS Truepower LLC, USA
|
Induction of foreign equity to
carry out the business of consultancy services.
|
0.24
|
|
3
|
M/s NSE Industries, France
|
Induction of foreign equity to undertake the business of manufacture
and servicing of products having defence applications.
|
0.10
|
|
4
|
M/s Pilot Ventures Media Pvt. Ltd., New Delhi
|
Induction of 100% foreign equity
to carry out the business of publishing, marketing and distributing NME music
Magazine and NME website in India.
|
0.01
|
|
5
|
M/s GETIT Infoservices Private Limited
|
To increase foreign
equity percentage by way of acquisition/fresh issue of shares to carry out
the business of specially publishing.
|
216.00
|
|
6
|
M/s ACME Solar Energy Pvt. Ltd. Haryana
|
To make downstream investment in a
company engaged in solar power business.
|
275.00
|
|
7
|
M/s GeoPost S.A., France
|
Acquisition of shares
of an Indian company engaged in the business of commercial express and parcel delivery business segment.
|
179.04
|
|
8
|
M/s DPD Continental Ltd.
|
Increase
in foreign equity participation from 60% to 100% to carry out the business of
Courier services other than post.
|
24.85
|
The
following
eight (8) proposals have been deferred:
|
Sl. No
|
Name of the applicant
|
Particulars of the proposal
|
|
|
1
|
M/s Sutures (I) Pvt. Ltd.
|
Increase of foreign equity in an
existing pharma sector company.
|
|
|
2
|
M/s Calyx Chemicals & Pharmaceuticals Ltd.
|
To issue IPO to investors
including foreign investors to carry out the business of pharmaceutical
sector.
|
|
|
3
|
M/s Total Prosthetics & Onthotics India Pvt. Ltd. Haryana
|
Transfer of shares by way of share
swap.
|
|
|
4
|
M/s BF Elbit Advanced Systems Pvt. Ltd., Pune
|
To set up a new JV company to be
engaged in design, development, manufacturing of defence related products.
|
|
|
5
|
M/s Telenor Mobile Communication AS, Norway
|
To increase foreign equity from
49% to 74% in telecom sector.
|
|
|
6
|
M/s Tikona Digital Network Pvt. Ltd
|
To increase foreign equity
participation in telecom sector.
|
|
|
7
|
M/s Axiom Consulting Pvt. Ltd.
|
To issue shares to the foreign
national as per a pre-agreed price.
|
|
|
8
|
M/s Veritas (India) Limited
|
Post facto approval has been
sought for the issue of warrants. The
company is engaged in the business of import, export, trading and
distribution of metals and chemical products, power generation.
|
|
The following three (3) proposals have been rejected:
|
Sl. No
|
Name of the applicant
|
Particulars of the proposal
|
|
|
1
|
M/s Sunil Hitech Engineers Ltd., Nagpur
|
To issue warrants to FIIs to carry out the
business of execution of projects in the power and
infrastructure sector.
|
|
|
2
|
M/s Triton Hotels and Resorts Pvt. Ltd. Mumbai
|
Post facto approval
for issuance of partly paid up shares.
The company is engaged in the business of Hospitality Services.
|
|
|
3
|
M/s Karuturi Global Ltd., Bangalore
|
Post facto approval
has been sought for the issue of warrants to carry out the business of
Floriculture & Food processing under controlled conditions.
|
|
The
following one (1) proposal has been recommended to advise the applicant that
the proposal is not within the purview of FIPB:
|
Sl. No.
|
Name of the applicant
|
Particulars of the proposal
|
|
1
|
M/s Tata Advanced Materials Limited, Bangalore
|
Indian company
engaged in manufacturing of defence related products has sought post facto
approval for shares already held by NRI in the company on portfolio basis.
|
Decision
in the following two (2) proposals will be communicated separately:
|
Sl. No.
|
Name of the applicant
|
Particulars of the
proposal
|
FDI/NRI inflows
(Rs. in crore)
|
|
1
|
M/s Bay Capital Investment Ltd, Mauritius
|
Acquisition of
shares in a listed Indian Company which is the Core Investment Company of a
leading infrastructure developing group of companies.
|
100.00
|
|
2
|
M/s Hubert Burda Media India
Pvt. Ltd
|
WoS of a foreign
company to act as an operating cum investing company and to make downstream
investment in an Indian company engaged in printing and publishing of
magazines.
|
7.00
|
* * * * *
Source: Ministry of Finance
With Regards
CS Prakash
Verma, Managing Partner
TGL Advisors
(Corporate
Law Advisors)
Mail: Prkverma@gmail.com
