Finance Minister, Shri P. Chidambaram has approved 12 Foreign Direct Investment proposals recommended by Foreign Investment Promotion Board (FIPB) in its meeting held on 8th July, 2008. The approval amounts to Rs. 354.13 crore approximately. The proposals are related to Ministries/Departments, namely Commerce, Information Technology, Road Transport & Highways, Financial Services, Industrial Policy & Promotion, Mines and Telecommunication.
The details of the proposals approved are as follows:
|
Sl. No. |
Name of the applicant |
Particulars of the proposal |
FDI/NRI inflows (Rs. In crore) |
COMMERCE
|
1 |
M/s Hammond Hardware Pvt. Ltd., New Delhi |
To set up a JV Company with a foreign equity of 51% to manufacture items reserved for small scale sector. |
0.55 |
ECONOMIC AFFAIRS
|
2 |
M/s Consulting Engineering Services (India) Pvt. Ltd., Delhi |
To induct foreign investment in operating company and to make downstream investment. |
Not indicated |
INFORMATION TECHNOLOGY
|
3 |
M/s KLG Systel Ltd., Gurgaon |
Ex Post Facto approval for issue and allotment of warrants exchangeable with and equivalent number of equity shares to certain Non-Resident investors in the Business of Software Development and IT enabled services. |
No Fresh Inflow |
ROAD TRANSPORT & HIGHWAYS
|
4 |
M/s Costal Projects Pvt. Ltd., Hyderabad |
Conversion of operating company into an operating cum holding company and continuation of the equity participation. |
160.00 |
COMMERCE
|
5 |
M/s Avnet India Pvt. Ltd. |
Conversion of operating company into an operating cum holding company. |
No Fresh Inflow |
ECONOMIC AFFAIRS
|
6 |
M/s Standard Chartered Bank (Mauritius) Ltd. |
Acquisition of additional equity either in the form of Compulsorily convertible preference shares or by way of equity shares and Conversion of operating company into an operating cum holding company. Proposal also attracts Press Note 1 of 2005. |
19.45 |
FINANCIAL SERVICES
|
7 |
M/s Unicon Financial Intermediaries (P) Ltd. |
To increase the foreign investment in the holding company. The company is engaged in the commodity broking stock broking and other permitted non-banking finance activity. |
120.00 |
INDUSTRIAL POLICY & PROMOTION
|
8 |
M/s Marubeni (I) Pvt. Ltd. |
Conversion of operating company into an operating cum holding company to make downstream investment. |
No Fresh Inflow |
INFORMATION TECHNOLOGY
|
9 |
M/s Aurionpro Solutions Ltd. |
To issue equity shares and convertible warrants. Transfer of shares by way of share swap. |
53.65 |
MINES
|
10 |
M/s Rio Tinto Exploration India Pvt. Ltd. |
Deletion of condition in lieu of para 3 of Press Note 7 of 2008, initially stipulated by FIPB. |
No Fresh Inflow |
TELECOMMUNICATION
|
11 |
M/s Marconi Telecommunication (I) Pvt. Ltd. |
To issue and allot equity shares against the trade payables taken over on account of import of materials, goods and services. |
No Fresh Inflow |
|
12 |
M/s Singtel Australia Holdings Pte Ltd., Singapore |
Setting up of Joint venture company with a foreign equity up to 74% to undertake telecom services. Proposal attracts Press Note 1 of 2005 series. |
0.48 |
The following 8 (eight) proposals have been deferred:
|
Sl. No |
Name of the applicant |
Particulars of the proposal |
|
1 |
M/s G4S Corporate Services India Pvt. Ltd., Gurgaon |
Conversion of existing status of operating company into foreign owned Indian Holding Company to make downstream investment. |
|
2 |
M/s Winsome Propbuild Pvt. Ltd., New Delhi |
Change of status to operating cum holding company to make downstream investment. |
|
3 |
M/s G.P. Realtors Pvt. Ltd., New Delhi |
Change of status to operating cum holding company to make downstream investment in permitted activities. |
|
4 |
M/s Geld Consultancy Services Pvt. Ltd., Mumbai |
To set up JV to carry out the activities of Global Positioning System Hardware & Software and services and related equipment fields. |
|
5 |
M/s JT International Mauritius Pvt. Ltd. |
To increase in foreign shareholding from 50% to 74%. The company is engaged in Tobacco sector. |
|
6 |
M/s EZY Infosoft Pvt. Ltd., Chandigarh |
Conversion of operating company into an operating cum holding company, transfer of shares by way of share swap. Proposal also attracts Press Note 1 of 2005. |
|
7 |
M/s Elken International (I) Pvt. Ltd. |
To undertake cash and carry wholesale trading for the activities for which approval for test marketing was already obtained |
|
8 |
M/s Delight Investments Pte Ltd., Singapore |
Induction of foreign equity in two Indian companies and to convert their status from operating company into operating -cum-holding company for making further downstream investments |
The following one (1) proposal has been rejected:
|
Sl. No |
Name of the applicant |
Particulars of the proposal |
|
1 |
M/s Freedom Opthaimic Pvt. Ltd. |
Issue of 40% equity shares to the NRI under the single brand retail trading. |
The proposal of M/s Hughes Communication (India) Ltd has been advised to apply afresh as per new policy guidelines in telecom sector.
BSC/GN-183/08
9911796707
