26 FDI PROPOSALS APPROVED

26-3-2009

Contents

Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on 20th March, 2009, Government has approved 26 Proposals of Foreign Direct Investment amounting to Rs. 1042.915 Crore approximately. The proposals relate to Ministries/Departments, namely, Commerce, Economic Affairs, Heavy Industries, Industrial Policy & Promotion, Information & Broadcasting, Home Affairs, Petroleum & Natural Gas, Railways, Civil Aviation and Telecommunication.

Following 26 (Twenty six) proposals have been approved.

Sl. No.	Name of the applicant	Particulars of the proposal	FDI/NRI inflows (Rs. In Crore)
COMMERCE
1	M/s Vitra India Pvt. Ltd, Mumbai	To undertake the activities relating to wholesale of Furniture Products and Systems, marking of direct institutional ales of spare parts and accessories of Furniture Products and providing technical support services such as installation as well as maintenance services on call basis.	No Fresh Inflow
2	M/s D-Link Holding Mauritius Inc. Mauritius	Acquisition of equity shares by way of share swap.	No Fresh Inflow
3	M/s Indo Prime Visual Technologies Pvt. Ltd	To promote an SPV for sale and marketing of "INDO" Edgers and equipments for optical industry under the single brand.	0.17
ECONOMIC AFFAIRS
4	M/s Tecnomen Oyj, Finland	Acquisition of equity shares by way of share swap and cash arrangement from the existing resident shareholders.	131.33
5	M/s Technomen Oyj, Finland	Acquisition of equity shares by way of share swap and cash arrangement.	2.46
6	M/s Viadeo S.A. France	Transfer of shares by way of share swap.	No Fresh Inflow
7	M/s Aastha Broadcasting Network Ltd, Mumbai	Regularization of equity held by NRI by way of acquisition of the same from open market and further induction of foreign equity in a company engaged in up-linking a non news and current affairs TV channel.	2.50
8	M/s Neo Sports Broadcasting Pvt. Ltd, Mumbai	Induction of foreign investment by issuance of fresh equity shares/ equity linked instruments (such as Compulsorily onvertible Preference Shares) in a company engaged in the business of uplinking and broadcasting of 'non-news and current affairs' television channels.	258.53
9	M/s Vignani Technologies Pvt. Ltd, Bangalore.	Conversion of operating company into an operating cum investing company to set up a new subsidiary out of its own internal accruals.	No Fresh Inflow
10	M/s Intertoll India Consultants Pvt. Ltd, New Delhi.	To set up one or more downstream WOSs out of its own internal accruals.	No Fresh Inflow
HEAVY INDUSTRIES
11	M/s Samvardhana Motherson Finance Ltd.	To increase foreign equity participation by way of issue of equity shares and/ or compulsory convertible preference shares and/ or compulsory convertible debentures in the auto and auto ancillary, allied and other sectors. The roposal attracts Press Note 1 of 2005.	208.26
INDUSTRIAL POLICY & PROMOTION
12	M/s Virgo Engineers Ltd.	Issue of equity shares by way of shares swap agreement.	No Fresh Inflow
COMMERCE
13	M/s Allergan Inc, USA	Inclusion of import and sale of additional products in the WOS. The proposal attracts Press Note 1 of 2005.	No Fresh Inflow
INDUSTRIAL POLICY & PROMOTION
14	M/s Newedge Group	To amend the one of the clause of the FC approval.The Proposal attracts Press Note 1 of 2005.	No Fresh Inflow
INFORMATION & BROADCASTING
15	M/s United Home Entertainment Pvt. Ltd.	To launch a new television channel.	No Fresh Inflow
HOME AFFAIRS
16	M/s Asianet Infrastructure Pvt. Ltd.	Transfer of fully paid equity shares from Resident to Non Resident. The company is engaged in the teleport activity.	0.63
PETROLEUM & NATURAL GAS
17	M/s Fuchs Lubricants (I) Pvt. Ltd.	Extension or waiver of the condition of dilution of 26% stake to Indian Parties.	No Fresh Inflow
RAILWAYS
18	M/s Patil Rail Infrastructure Pvt. Ltd.	To permit further investment by an investing company to in companies engaged in rail infrastructure services and in new business in the railway infrastructure.	51.37
COMMERCE
19	M/s John Deere Construction & Forestry, USA	To set up a JV to carry out the manufacturing, marketing and distribution of all types of construction equipments. The proposal attracts Press Note 1 of 2005.	84.00
ECONOMIC AFFAIRS
20	M/s Tanla Solutions Ltd., Hyderabad	Conversion of operating company into operating cum holding company to make downstream investments.	31.50
21	M/s BNP Paribas Securities Services Ltd., France	(i) To subscribe either directly or through a wholly owned subsidiary to equity shares constituting 49% of the post investment issued and paid up share capital and any additional shares that may be issued form time to time and, (ii) to constitute a joint venture for undertaking the business of providing registrar and share transfer agency services (including for mutual funds) and other ancillary securities services in India in compliance with applicable laws.	9.065
CIVIL AVIATION
22	M/s DNATA, UAE	To set up a JV company to provide ground handling services for both domestic and international operators as well as cargo handling and related services.	31.08
23	M/s Thales Avionics S.A. France	To set up a JV with a foreign equity participation of 26% in Defence sector.	0.11
TELECOMMUNICATION
24	M/s Broadband Pacenet (India) Pvt. Ltd., Mumbai	Induction of foreign equity by way of subscribing to or acquisition of shares up to 74% equity of the company.	17.33
HEAVY INDUSTRY
25	M/s TRW Aftermarket Asia Pacific Pte Ltd., Singapore	To set up a Joint Venture Company to undertake the business of airbag modules for installation onto vehicles roduced in India. The proposal attracts Press Note 1 of 2005.	0.09
ECONOMIC AFFAIRS
26	M/s NSK Holding Pvt. Ltd.	Transfer, issue of equity shares and/ or compulsory convertible instruments into equity shares to Foreign Collaborator. To acquire the status of foreign owned Indian holding company and to make downstream investment.	214.49

2. The following 9 (Nine) proposals have been deferred:

Sl. No	Name of the applicant	Particulars of the proposal
1	M/s MEL Systems and Services Ltd., Chennai	To engage in the manufacture of defence related activities.
2	M/s HP India Holdings Ltd, Mauritius	To set up a JV company to undertake developing, owning and operating hotels in various cities and markets in India. The proposal attracts Press Note 1 of 2005.
3	M/s Comecer S.P.A. Italy	To set up a WOS for undertaking the activities of trading of items sourced from small sector and Test marketing.
4	M/s Sandvik Asia Ltd., Pune	To induct FDI to carry out the activity comprising of Tooling, Mining and Construction and Material Technology. The proposal attracts Press Note 1 of 2005.
5	M/s Sanlam Investment Management (Pty) Ltd., South Africa	Issue of warrants and conversion of operating company into an operating cum holding company to make further downstream investment. One of the downstream subsidiaries is engaged in the commodity broking.
6	M/s Akar Info-MediaPvt. Ltd., Ahmedabad	Induction of foreign equity by issuing and allotting equity shares to carry out the activity of publishing of technical magazines.
7	M/s Ortus Infratel and Holdings Pvt. Ltd., New Delhi	Induction of FDI in the companies engaged in telecom infrastructure providers (Category-I) and conversion of operating company into operating cum holding company to make downstream investments.
8	M/s Chorus Call Conferencing Services India Ltd	To increase the FDI from existing 51% to 74% of the paid up capital of the company in telecom sector.
9	M/s Al Khaleej Sugar International Ltd.	To review and amend of the clauses of the FC approval.
3. The following 3 (Three) proposal has been rejected:
Sl. No	Name of the applicant	Particulars of the proposal
1	M/s MD Group Inc, Canada	To set up a JV company by issuing equity shares and preference shares for consideration other than cash to carry out the activity in a Hotel and related services.
2	M/s Oriflame India Pvt. Ltd.	To expand the scope of activities by importing and marketing through direct sales method.
3	The Bank of Nova Scotia, Canada	To set up a WOS to undertake wholesale trading and hedging in precious metals etc.

4. The following 8 (Eight) proposals have been advised to access automatic route.

Sl. No	Name of the applicant	Particulars of the proposal	FDI/NRI inflows (Rs. In Crore)
1	M/s HPL Additives Ltd, New Delhi.	To set up 100% subsidiary holding company with main object of leveraging its widely acclaimed and recognized research and development capabilities, skills and knowledge in chemical, pharmaceutical and allied industries.	No Fresh Inflow
2	M/s Banswara Syntex Ltd, Banswara	Ex-post facto approval for allotment of Redeemable Cumulative Preference Shares to carry out the activities relating to spinning of stapple fibers etc.	No Fresh Inflow
3	M/s NSL Seeds Pvt. Ltd., Hyderabad	To issue and allot fully paid up equity shares and compulsorily convertible cumulative preference shares and to act as operating cum investing company and to make downstream investment.	250.00
4	M/s Man Infra Construction Ltd. Mumbai	Preferential allotment of new equity shares, secondary purchase of equity shares and change of status from operating company to operating cum holding company to make downstream investment.	No Fresh Inflow
5	M/s Nimbus Communications Ltd, Mumbai.	Ex-post facto approval for conversion of operating company into an operating cum investing company to make further downstream investment.	No Fresh Inflow
6	M/s Hind Terminals Pvt. Ltd, Mumbai.	Ex-post facto approval for conversion of operating company into an operating cum investing company to make further downstream investment.	No Fresh Inflow
7	M/s Hughes Communication India Ltd., New Delhi	Conversion of operating company into an operating cum investing company to undertake the activities pertaining to Telecommunication sector.	No Fresh Inflow
8	M/s Saket Engineers Pvt. Ltd. Hyderabad.	Conversion of operating company into operating cum holding company to make downstream investments to undertake Real estate development projects and to make downstream investments in entities undertaking FDI compliant projects/ activities.	No Fresh Inflow

5. The following 02 (Two) proposals have been withdrawn by the applicant.

Sl. No	Name of the applicant	Particulars of the proposal
1	M/s Man Infra Construction Ltd. Mumbai	Transfer of shares from Resident to Non-resident.
2	Ms. Jula Mehta, Mumbai	Transfer of shares from Resident to Non-resident.