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TMI Blog28 FDI proposals clearedX X X X Extracts X X X X X X X X Extracts X X X X ..... 28 FDI proposals cleared - News and Press Release Dated:- 4-7-2008 - News - Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on 24 th June, 2008, Finance Minister, Shri P. Chidambaram has approved 28 Proposals of Foreign Direct Investment amounting approximately to Rs. 1327.7251 Crore. The proposals relate to Ministries/Departments, namely Chemicals Petro-chemicals, Industrial Policy Promotion, Information Broadcasting, Urban Development, Tourism and Economic Affairs. Following is the details of 28 approved proposals: Sl . No. Name of the applicant Particulars of the proposal FDI/NRI inflows (Rs. In crore) ATOMIC ENERGY ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1 M/s Global Energy Mining and Minerals KFT., Hungary Induction of FDI up to 74% in Mining and Separation of Titanium Bearing Minerals and Ores. 24.05 COMMERCE 2 M/s Giordano Fashions (India) Pvt. Ltd. To establish a chain of Single brand retail stores. Press Note 3 of 2006 attracts. 5.09 3 M/s Marks Spencer Plc. Induction of 51% FDI for single brand retail trading. Press Note 3 of 2006 attracts. .0051 4 M/s Pearle Europe B.V. Induction of 50% FDI for single brand retail trading. Press Note 3 of 2006 attracts. Not indicated ECONOMIC AFFAIRS 5 M/s Aquamarine Resorts Pvt. Ltd., Mumbai To acquire the status of fore ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ign owned Indian holding cum operating company to make downstream investment. Proposal attracts Press Note 1 of 2005. 90.00 6 M/s International Asset Reconstruction Co. Pvt. Ltd., New Delhi To issue and allot equity shares and compulsorily convertible preference shares up to 19.56% of its post-issue paid-up share capital, on a fully diluted basis. 24.20 7 M/s Onmobile Global Ltd., Bangalore Acquisition of 100% equity share capital of a foreign company by share swap and cash basis. No Fresh Inflow 8 M/s Shetruns Hills Pte Ltd., Samoa Transfer of shares from erstwhile OCB to NRs. 0.66 FINANCIAL SERVICES 9 M/s HSBC Violet Investments (Mauritius), ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Mauritius Induction of foreign equity by way of acquisition and open offer of equity shares and conversion of operating company into an operating cum holding company to make further downstream investment. No Fresh Inflow HEALTH 10 M/s Midmark Corporation, USA Induction of FDI up to 49% in a company engaged in the manufacture of SSI reserved items. 1.11 INDUSTRIAL POLICY PROMOTION 11 M/s Simbiosys Biowares India Pvt. Ltd., Bangalore Conversion of operating company into holding cum operating company. No Fresh Inflow 12 M/s Mikuni Corporation, Japan To establish a WOS to undertake the business of manufacture, assembly and sale etc., of automotive co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mponents and other parts and sub-assemblies thereof for the two and three wheeler vehicles. Proposal attracts Press Note 1 of 2005. 20.00 INFORMATION BROADCASTING 13 M/s Getit Infoservices Ltd., New Delhi Issue of equity shares and zero coupon compulsorily convertible preference shares. The Company is engaged in the publishing of scientific magazines/ specialty journals. 23.00 PETROLEUM 14 M/s ENI UK Holding PLC, UK Acquisition of shares of a Company engaged in the exploration, development and production of crude oil and natural gas in India. Proposal attracts Press Note 1 of 2005. 26.11 POWER 15 M/s BBI Power Krishnapatnam Company, Hyderabad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Issue of shares against remittances already received. No Fresh Inflow URBAN DEVELOPMENT 16 M/s Apricot Realtors Pvt. Ltd., Chennai To acquire the status of foreign owned Indian holding cum operating company to and to make downstream investment. No Fresh Inflow 17 M/s Macquarie India Properties Pty Ltd., Australia To set up a WOS to carry out investment advisory and financial consultancy services to the real estate investment industry and undertake investment research activities in connection therewith. Proposal attracts Press Note 1 of 2005. 2.25 18 M/s Eldeco Infrastructure Properties Ltd., New Delhi Induction of foreign equity by way of subscribing to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and acquisition of equity shares and change in status from operating company into operating cum holding company. 195.67 COMMERCE 19 M/s Esys Information To include some more trading/ manufacturing activities in existing activities and to do the business on wholesale basis and institutional sales. To procure some of the items from the Small Scale Industries. No Fresh Inflow INDUSTRIAL POLICY PROMOTION 20 M/s Virgo Engineers Ltd. Transfer of Shares from NRI to NR. The original investment was not received in foreign exchange since at the time of investment the applicant was resident of India and the shares were issued as bonus shares. No Fresh Inflow 21 M/s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Parryware Roca Pvt. Ltd. To increase foreign equity from 50% to 100% and conversion from operating company to operating cum holding company to make downstream investment. 741.48 22 M/s Mitsui Co(I) Pvt. Ltd. To issue equity shares to square off the Security deposit amount. 11.60 23 M/s G.E. Global Sourcing India Pvt. Ltd. Conversion of operating company to holding cum operating company to make downstream investment. No Fresh Inflow ECONOMIC AFFAIRS 24 M/s A.W. Faber Castell India Pvt. Ltd. Amalgamation/ merger of companies as approved by the High Court. No Fresh Inflow INFORMATION BROADCASTIN 25 M/s Macmillian India Ltd. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Publication of specialty magazine. No Fresh Inflow 26 M/s Multiscreen Media Pvt. Ltd. Issue of equity shares to resident and NR. The 100% FDI is permissible through FIPB. 158.39 ECONOMIC AFFAIRS 27 M/s ITP Publishing India Pvt. Ltd., Mumbai Induction of foreign equity up to 100% in a company engaged in the activities of publishing of specialty magazines 4.10 COMMERCE 28 M/s Mokshayug Access (India) Pvt. Ltd., Bangalore Conversion of operating company into operating cum holding company to make downstream investment and to establish a WOS. 0.01 2. The proposal of M/s R.E.D. Graniti SPA has been advised to access auto route . 3. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The following 11 (eleven) proposals have been deferred : Sl . No Name of the applicant Particulars of the proposal 1 M/s Interglobe Enterprises Ltd., New Delhi To set up a new JV to undertake the operation and management of one or more duty free shops. 2 M/s Asia Motorworks Holdings Ltd., Mumbai Induction of foreign equity by way of subscribing to fully and compulsorily convertible debentures and conversion of operating company into an operating cum holding company. 3 M/s Perfect Circle India Ltd., Maharashtra Induction of FDI up to 51% in a company engaged in manufacture of internal combustion piston engines and other parts and accessories. Proposal att ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... racts Press Note 1 of 2005. 4 M/s Russell Square Holding B.V. Neetherland To setup a JV to undertake the business of Advertising. Proposal attracts Press Note 1 of 2005. 5 M/s Mediacom Worldwide Incorporated, USA Setting up of a JV. 6 M/s Amar Ujala Publications Ltd. Amalgamation of two companies consequent upon the order of Hon'ble High court and induction of fresh FDI 7 M/s Transcend Infrastructure Ltd. Increase in FDI beyond 49% in building towers, acquiring towers or securing management rights of towers for the purpose of leasing or licensing the shares use of these towers to communications and broadcasting. 8 M/s RISH PTE Ltd., Cock Islands Post ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -facto approval for the FDI already brought in under automatic route, which otherwise requires FIPB approval. 9 M/s RISH PTE Ltd., Cock Islands Post-facto approval for the FDI already brought in under automatic route, which otherwise requires FIPB approval. 10 M/s JSW Infrastructure Ltd., Mumbai Ex-post-facto approval for having undertaken the activity of holding company. 11 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 BSC/SS/DN-171/08 - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... MI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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