Government Approves Six (6) Proposals of Foreign Direct Investment (FDI)

S. No

Item No

Name of the applicant

Gist of the proposal

Sector

FDI (Rs.  crore)

1

1

M/s Sanofi-Synthelabo (India) Pvt. Ltd.(SSIPL)

Approval has been sought for: (i)   SSIPL to acquire the consumer health care (CHC) business of M/s Boehringer Ingelheim India Private Limited (BI) as a going concern on a slump sale basis; and (ii) The non-compete covenants that have been agreed by Boehringer Ingelheim International GmbH (BII) as part of the global transaction with Sanofi France.

Pharma

Nil

2

2

M/s Boehringer Ingelheim India Pvt. Ltd. (BI India)

Approval has been sought for: (i) Acquisition of the animal health business of Sanofi in India which includes, inter alia, certain assets of SSIPL and (ii) The non-compete covenants set out in the Global AH Agreement to be implemented in India.

Pharma

 156.5

3

4

M/s A. Menarini India Private Limited

Approval has been sought for: (i) Issue of shares to existing foreign investor M/s A. Menarini Asia Pacific Pte Limited, Singapore against receipt/capital infusion of ₹ 80 crore in the Investee Company. (ii) Transfer of one share from Resident Indian Mr. Anandh Balasundaram to M/s A. Menarini Asia Pacific Holdings Pte Limited and (iii) Transfer of 0.076% shares from M/s A. Menarini Australia Pty Limited to A. Menarini Asia Pacific Pte Limited

Pharma

80.00

4

10

M/s Recipharm Participation B.V. Netherlands

         Approval has been sought for: a)    100 % foreign direct investment in a proposed Recipharm Group Indian Investing Company (to be incorporated) and b)100 % investment in an existing pharmaceutical manufacturing company Dagny Pharma Private Limited through the aforesaid Recipharm Group Indian Investing Company

Investing Company/ Pharma

950.00

5

12

Star Den Media Services Private Limited

Approval has been sought for: (a) discontinuing its current business of providing support services to broadcasters in relation to TV channel distribution business, and thus (B) continue to act only as investing company.

Investing Company

Nil

6

15

M/s Idea Cellular Infrastructure Services Limited

M/s Idea Cellular Infrastructure Services Limited (ICISL) is a wholly owned subsidiary of IDEA, which has become a foreign owned company with more that 50% foreign investment. Accordingly, ICISL is also deemed to have foreign investment in excess of 50% as a mirror image of its parent company. The proposal is to take on record the increase of foreign investment in ICISL beyond 50% and allow foreign investment in ICISL up to 67.5%.

Telecom

Nil

S. No.

Item No

Name of the applicant

Gist of the proposal

Sector

1

6

M/s Gland Pharma Limited

M/s Gland Pharma Limited, a brownfield pharmaceutical Indian company, is seeking 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

2

11

M/s Flag Telecom Singapore Pte Limited

M/s Flag Telecom Singapore Pte Limited, Singapore an indirect wholly owned subsidiary of Reliance Communications (RCOM), India has sought approval to acquire 100% shares of M/s Reliance Global Cloud Xchange Limited which has been recently incorporated in June 2016 by Indian residents.

Telecom

3

13

M/s Crest Premedia Solutions Pvt. Ltd

   M/s Crest Premedia Solutions Pvt. Ltd. (CPSPL) has sought approval for issuance of equity shares to the non-resident shareholders of M/s Springer SBM Holding Ltd., a Mauritius Company under a Scheme of Amalgamation. SBM Holding will amalgamate into CPSPL, which is part of the Springer Group of companies.

IT and ITES

4

14

M/s Scientific Publishing Services Pvt Ltd

    Approval has been sought by M/s Scientific Publishing Services Private Limited (SPSPL) for issuance of equity shares to the non-resident shareholders of M/s Springer SBM Services Limited, a Mauritius Company under a Scheme of Amalgamation of SBM Services with SPSPL, pursuant to approval of the High Court.

IT and ITES

5

16

M/s You Broadband India Limited

M/s You Broadband India Limited has sought post facto approval 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

6

17

Netmagic Solutions Pvt. Ltd

Approval has been sought by Netmagic Solutions Private Limited for the increase in the shareholding of NTT Communications Corporation, Japan in the company from 81.63% to 100%.

Telecom