Government Approves Fourteen (14) Proposals of Foreign Direct Investment (FDI) Amounting to about ₹ 1528.38 Crore

6-8-2014

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Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its 207th meeting held on 4th July, 2014, the Government has approved Fourteen (14) proposals of Foreign Direct Investment (FDI) amounting to ₹ 1528.38 crore approximately.

Details of proposals considered in the Foreign Investment Promotion Board (FIPB) Meeting held on 4.7.2014 are as follows:

Following Fourteen (14) proposals have been approved.

The following six (6) proposals have been rejected:

Sl. No.	Name of the Company	Gist of the Proposal	Sector
1	M/s Agilent Technologies (International) Private Limited	Approval/clarification has been sought by M/s Agilent Technologies (International) Private Limited to partially lease of the premises.	IT
2	Md. ShajahanBablu and Mrs. SuraiyaShajahan, Bangladesh	M/s Md. ShajahanBablu and Mrs. SuraiyaShajahan, Bangladeshi nationals, propose to incorporate a company in India with 100% FDI to engage in trading of Raw Jute, Jute Products and Agro based products.	Trading
3	M/s GoyalImpex& Industries Limited.	Post facto approval for issue of 50,974 equity shares on partly paid up basis.	Textiles
4	Ms Christine ComarmondMargotin, French	Approval has been sought by a French National for foreign investment in an LLP to be incorporated in India.	Others
5	M/s HLG Enterprises Pvt Ltd.	Post facto approval has been sought by M/s HLG Enterprises Pvt Ltd. for the issue of partly paid shares.	Textiles
6	M/s Gstaad Hotels Private Limited.	Post facto approval for issue of 75,00,000 equity shares of an foreign owned company in the hotel hospitality industry on partly paid up basis to the existing foreign parent.	Others (Hotels)

The following seven (7) proposals have been deferred:

Sl. No.	Name of the Company	Gist of the Proposal	Sector
1	M/s Koye Pharmaceuticals Private Limited, Mumbai	M/s Koye Pharmaceuticals Private Limited, a brownfield Pharmaceuticals company, has sought permission to issue additional 1,818 CCPS, constituting up to 6.81% of the share capital of the company on a post-issuance and fully diluted basis, to the already existing investor M/s SCI Growth Investments II, Mauritius.	Pharmaceuticals
2	M/s Amneal Pharmaceuticals Company Private Limited, Ahmedabad	M/s Amneal Pharmaceuticals Company Private Limited, a foreign owned and controlled company, is seeking approval for acquisition of entire share capital of Epsilon, through a share purchase agreement a company engaged in trading of generic pharma products and in process of setting up formulation manufacturing facility.	Pharmaceuticals
3	M/s Empays Payment Systems India Private Limited, Mumbai	M/s Empays Payment Systems India Private Limited has requested to amend clause 8 of the FC approval by removing the stipulation of a minimum net worth of ` 100 crore.	NBFC
4	M/s Barefoot Resorts & Leisure India Pvt. Ltd., Chennai	M/s Barefoot Resorts & Leisure India Pvt. Ltd., Chennai, operating in the hospitality business, has applied for post facto approval to regularize the allotment of partly paid up shares to M/s Fruition Resorts Limited, Mauritius.	Construction and Development
5	M/s Monsanto Holdings Private Limited, Mumbai	Approval has been sought for issue of equity shares by a new company in pursuance of a demerger scheme, to the foreign shareholders of the applicant.	NBFC
6	M/s Diabu Diamond Tools (India) Private Limited, Bangalore	Post facto approval has been sought by M/s Diabu Diamond Tools (India) Private Limited for the shares allotted to M/s Diabu Diamanterkzeuge Heinz ButtnerGmbh, Germany against over delayed payables, in terms of royalty, technology transfer fee and raw material import.	Others (Manufacturing)
7	M/s Bellota Agrisolutions and Tools Private Limited	M/s Bellota Agrisolutions and Tools Private Limited is seeking approval for the allotment of equity shares of ₹ 200/- each at par to M/s Bellota Herramientas S.A. Spain – Foreign Company for the cost towards import of new plant and machinery.	Manufacturing

In the following three (03) proposals the recommendation is to advise that FIPB approval is not required in thesecases:

Sl. No.	Name of the Company	Gist of the Proposal	Sector
1	M/s Kemin Industries South Asia Private Limited, Tamil Nadu	M/s Kemin Industries South Asia Private Limited, having 100% FDI, seeking approval for setting up of “Contract Research Laboratory to do Toxicological studies for pharmaceutical, food and other products”.	Pharmaceuticals
2	M/s Gavis Pharma LLC., USA	M/s Gavis Pharma LLC., USA is seeking approval for acquisition of equity shares of M/s Wintac Limited, Karnataka through Right Issue.	Pharmaceuticals
3	M/s Ferrero India Private Limited	Approval has been sought Approval has been sought by Ferrero India Private Limited for amalgamation with two other companies to achieve synergies and other benefits	Others (Manufacturing of Confectionary products)

In the following one (01) proposal, the recommendation is to return the application with an advice to the applicant to re-approach FIPB after having the necessary Court order.

Sl. No.	Name of the Company	Gist of the Proposal	Sector
1	M/s Ventura (India) Private Limited	M/s Ventura (India) Private Limited engaged in services sector seeking approval for issuance of shares to a foreign company in the IT sector in consideration of acquiring latter’s branch office in India pursuant to a court approved scheme of demerger.	Others

The following one (01) proposal has been withdrawn:

Sl. No.	Name of the Company	Gist of the Proposal	Sector
1	M/s INX Music Private Limited, Mumbai	M/s INX Music Private Limited, a company which aggregates and distributes music content for TV channels, having 70.85% indirect foreign investment; proposes to undertake the additional activity of broadcasting of a non-news and current affairs channel, as proposed scheme of arrangement.	Broadcasting