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Govt approves nine (9) FDI proposals involving FDI of Rs. 659 crore
By TII News Service
Mar 24, 2017 , New Delhi

    

Govt approves nine (9) FDI proposals involving FDI of Rs. 659 crore

Dated: March 24, 2017

Based on the recommendations of the Foreign Investment Promotion Board (FIPB) in its 243rd Meeting held on 21st February 2017, the Government has approved nine (9) FDI proposals involving Foreign Direct Investment (FDI) of Rs. 659 crore, and recommended three proposals for the Cabinet Committee on Economic Affairs (CCEA) as per details enclosed.

The following nine (09) proposals have been approved:

S. No

Item No

Name of the applicant

Gist of the proposal

Sector

FDI (Rs. crore)

1

3

M/s Atria Convergence Technologies Private Limited

Approval has been sought for: (i) Transfer of 0.99% of shares currently held by resident shareholders to the existing foreign investors M/s Argan (Mauritius) Limited, Mauritius and M/s TA FVCI Investors Limited, Mauritius and

(ii) Acquisition of up to 100% shares of the investee company by the foreign investors M/s Argan (Mauritius) Limited and TA FVCI Investors Limited, in future depending upon the exigencies of the remaining Indian resident shareholders.

Telecom

35.00

2

8

M/s Venus Aesthetics LLP

Approval has been sought for extension of additional 60 days time period to apply for compounding with RBI, which was lapsed at the time of making application to RBI by the applicant.

LLP

Nil

3

10

Dr. Reddy's Laboratories Limited

Post facto approval has been sought for grant of 1,05,808 ESOPs

Pharma

0.05

4

11

M/s Franklin Templeton Asset Management India Private Ltd

Post facto approval has been sought for downstream investment into M/s MF Utilities India Private Limited, which is registered with SEBI for acting as registrar to an issue in Category II (to carry on the activity either as a registrar to an issue or as a share transfer agent).

Financial Services

No fresh inflow

5

14

M/s Solairedirect Energy India Pvt. Ltd (SD India)

SD India, a wholly owned subsidiary of Solairedirect, SAS, France has sought approval for discontinuing its current activities of Engineering, Procurement, and Construction and Operation and Maintenance Business, and to act only as an investing company in terms of Paragraph 3.8.3.1 of the extant FDI Policy.

Investing Company

Nil

6

19

M/s JCDecaux Advertising India Private Limited

M/s JCDecaux Advertising India Private Limited, an existing foreign owned company, presently engaged in the activity of Out-of-Home advertising, has sought approval for expansion of its business into telecom sector as a telecom infrastructure service provider.

Telecom

35.00

7

22

M/s You Broadband India Limited

Post facto approval has been sought for acquisition of 9,79,875 equity shares of its downstream company M/s Digital Outsourcing Private Limited (DOPL) in lieu of issue of 20,58,759 equity shares to its resident shareholders by way of swap of shares.

Telecom

No fresh inflow

8

23

M/s Netmagic Solutions Private Limited

Approval has been sought for increase in the foreign shareholding of the company from 81.63% to 100% by NTT Communications Corporation, Japan

Telecom

533.83

9

24

M/s Vodafone India Limited

Approval has been sought by Vodafone India Ltd, a 100% foreign owned company, for acquisition of 100% shares M/s You Broadband India Limited by way of transfer from resident shareholders and non-resident shareholder

Telecom

55.09

. The following three (03) proposals have been recommended for CCEA approval:

S. No

Item No

Name of the applicant

Gist of the proposal

Sector

FDI (Rs. crore)

1

5

M/s Apollo Hospitals Enterprise Limited

Approval has been sought by M/s Apollo Hospitals Enterprise Limited for: (i) Grant of a ‘reasonable period of time' to finalize & implement the proposed transfer of retail part of the pharmacy business of company in compliance with FDI Policy (ii) Deletion of the direction to apply to RBI for compounding as past foreign investments in the company have been with government approval and (iii) Permission to proceed with proposal for foreign investment through issue of fresh equity shares to the existing shareholders on a rights basis of upto Rs. 750 crore subject to foreign shareholding in the Company not exceeding the existing percentage of foreign investment in Company; proceeds to be used solely for their hospital business.

Pharma

750.00

2

18

M/s Twin Star Technologies Limited

M/s Twin Star Technologies Limited, a wholly owned subsidiary of M/s Twin Star Overseas Limited, Mauritius, has sought approval to act as an investing company for undertaking downstream investments in its 100% subsidiary company, M/s Twinstar Display Technologies Limited and other Indian companies engaged in activities eligible to raise foreign investment under automatic route.

Investing Company

9000.00

3

21

M/s Flag Telecom Singapore Pte Limited

M/s Flag Telecom Singapore Pte Limited, Singapore an indirect wholly owned subsidiary of Reliance Communications, India, has sought approval to acquire 100% shares of M/s Reliance Global Cloud Xchange Limited.

Telecom

789.00

The following six (06) proposals have been recommended for deferment:

S. No.

Item No

Name of the applicant

Gist of the proposal

Sector

1

1

M/s Ghel Rendev India Private Limited

M/s Ghel Rendev India Private Limited, a newly incorporated company, has sought approval for investment by Mr. Mostaq Ahmmed, a Bangladeshi Citizen, being one of the Directors of the Company and initial subscriber to the share Capital of the company. As per the MoA the foreign investor Mr. Mostaq Ahmmed, holds 60% equity shares of the company and the remaining 40% shares of Investee is held by resident Indian.

Power Sector

2

7

M/s Powervision Export and Import India Private Limited

M/s Powervision Export and Import India Private Limited is seeking approval for its proposed activity of trading of construction machinery, cotton, vegetables etc and import/export in and from India of the said articles. The foreign investor is a Bangladeshi citizen (individual), an existing shareholder and director of Powervision India.

Wholesale Trading

3

9

M/s Crown Cement Manufacturing India Private Limited

Approval has been sought for foreign investment from a Bangladeshi entity, M/s M.I. Cement. The company is offering a private placement of 1,55,10,000 shares of its common stock to M.I. Cement, Bangladesh subject to FIPB approval.

Manufacturing

4

12

M/s Otto Waste Systems (India) Private Limited

Approval has been sought for change of business model by appointing a contract manufacturer in India and carry out the manufacturing activity in India through the contract manufacturer and selling locally manufactured products to the customers in India.

Manufacturing

5

15

M/s Bigtec Pvt. Ltd (Bigtec)

Bigtec, an Indian Company, has sought post facto approval for swap of shares to its holding Company, M/s Bigtec Innovations Private Limited (BIPL), also an Indian Company, in the fair exchange ratio (for every 1 share of Bigtec, 2 shares of BIPL was allotted) without obtaining prior approval of the FIPB.

Pharma

6

20

M/s Gland Pharma Limited

M/s Gland Pharma Limited, a brownfield pharmaceutical Indian company, has sought approval for its initial acquisition of up to 86.08% by M/s Shanghai Fosun Pharmaceutical (Group) Company Limited, a public listed company incorporated in China through its subsidiaries outside India namely M/s Fosun Pharma Industrial Pte. Ltd., M/s Fosun Industrial Co Limited, Ample Up Limited, M/s Lustrous Star Limited and M/s Regal Gesture Limited and subsequently, Fosun also has the contractual right to acquire 100% shares of Gland Pharma from the other shareholders of the Company in one or more tranches.

Pharma

The following three (03) proposals have been recommended for rejection:

S. No.

Item No

Name of the applicant

Gist of the proposal

Sector

1

2

M/s Energy City Navi Mumbai Holding Company, Mauritius

Approval has been sought for deletion of compounding conditions mentioned in para 8 (ii) and 9 of the approval granted by FIPB vide approval letter dated 3rd November 2015.

Construction

2

4

M/s Zinnat Garments Manufacturing India Pvt. Ltd.

Approval has been sought by M/s Zinnat Garments Manufacturing India Pvt. Ltd. to set up a textile manufacturing unit in Assam with foreign investment from a Bangladeshi company.

Manufacturing

3

16

M/s Elringklinger Automotive Components (India) Private Limited

M/s Elringklinger Automotive Components (India) Private Limited, a wholly owned subsidiary of M/s Elringklinger AG, Germany, has sought post-facto approval for allotment of 19,50,505 Equity Shares to the Parent Company against pre-incorporation expenses incurred by the Parent Company.

Automotive

The following three (03) proposals do not lie before FIPB:

S. No.

Item No

Name of the applicant

Gist of the proposal

Sector

1

6

M/s Hindustan Aeronautics Limited (HAL)

HAL, a public sector Company, has already incorporated a joint venture company M/s Helicopter Engines MRO Private with 50-50 equity shares between HAL and Safran Helicopters Engines, France. Now the approval has been sought for infusion of foreign capital against the 50% equity shares subscribed and allotted to foreign company, at the time of incorporation.

Defence

2

13

M/s Spectrumlabs India Private Limited

Approval has been sought by M/s Spectrumlabs India Private Limited, a wholly owned subsidiary of holding company Spectrum Europe B.V., for availing vehicle loan for Rs.40 lakhs repayable with interest from the holding company.

Pharma

3

17

M/s PMI Engineering Exports Private Limited

Approval has been sought for manufacture and supply of high precision components, mechanical machined parts and hardware for aircrafts for military purposes.

Defence

 
 
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