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TMI Blog24 FDI Proposals ApprovedX X X X Extracts X X X X X X X X Extracts X X X X ..... 24 FDI Proposals Approved - News and Press Release Dated:- 6-8-2008 - News - Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on 29 th July, 2008, Finance Minister, Shri P. Chidambaram has approved 24 Proposals of Foreign Direct Investment amounting to Rs. 753.114 Crore approximately. The proposals relate to Ministries/Departments, namely, Chemical Petrochemicals, Commerce, Heavy Industry, Industrial Policy Promotion, Information Broadcasting, Information Technology, and Telecommunication. Details of Proposals approved as follows: Sl . No. Name of the applicant Particulars of the proposal FDI/NRI inflows (Rs. In crore) CHEMICAL P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ETROCHEMICALS 1 M/s Heurtey Petrochem S.A. France To establish second subsidiary in India by way of acquisition of foreign company. Proposal also attracts Press Note 1 of 2005. No Fresh Inflow COMMERCE 2 M/s Black Decker Overseas Holdings B.V. Netherlands To set up a company in India to carry out the business of manufacture. Proposal attracts Press Note 1 of 2005. 25.974 3 M/s Protech Biosystems Pvt. Ltd., Gurgaon Transfer of 100% equity to a Foreign Company by way of share swap. No Fresh Inflow 4 M/s Piquadro S.p.A To set up a Joint venture directly or through its subsidiary with 51% equity participation to carry out the Single Brand ret ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ail. 1.53 5 M/s Ferragamo International B.V. To acquire the 51% equity of the Indian Company for Retail trading of products under the Single Brand. 30.00 ECONOMIC AFFAIRS 6 M/s Daiichi Sankyo Company, Japan To purchase and subscribe to the equity shares of the two Indian companies and issue of warrants. Proposal also attracts Press Note 1 of 2005. 104.63 7 M/s Suyash Software Pvt. Ltd., Nagpur To acquire fully paid equity shares by way of Share Swap. No Fresh Inflow HEAVY INDUSTRY 8 M/s Tokai Rika Co. Ltd., Japan To set up a JV company to manufacture, selling and exporting automotive parts. Proposal attracts Press Nlote 1 of 20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 05. 35.00 INDUSTRIAL POLICY PROMOTION 9 M/s Plasticos Erum S.L. Spain To establish WOS for trading, manufacturing and any other sector/activity, including trading of items sourced from the small scale sector. 1.65 INFORMATION BROADCASTING 10 M/s Scorpio Television India Pvt. Ltd., New Delhi Ex-post facto approval to continue to hold equity shares by the Foreign Investor in the issued and paid-up share capital of the Indian company. The company is engaged in Television programs, Television films, cinematographic films, video films, video software and computer software. 1.00 CHEMICAL PETROCHEMICALS 11 M/s C.R. Seals India Pvt (Now SKF Technol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ogies (India) Pvt. Ltd.) To issue partly paid up equity shares to Foreign collaborators. 35.04 ECONOMIC AFFAIRS 12 M/s exl Service.Com (I) Pvt. Ltd. Conversion of an operating company into an operating cum holding company. No Fresh Inflow 13 M/sReligare Enterprises Ltd. To substitute one of the clause of the FC approval. Not indicated HEAVY INDUSTRY 14 M/s Autoline Industries Ltd. To raise funds by issuing Warrants Convertible into equity shares. No Fresh Inflow 15 M/s Honda Siel Cars India Ltd. Conversion of an operating company into an operating cum holding company to make downstream investment. No Fresh Inflow ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... INDUSTRIAL POLICY PROMOTION 16 M/s Gujarat Pagutham Energy Corp Pvt. Ltd. Conversion of an operating company into an operating cum holding company to make downstream investment. No Fresh Inflow 17 M/s Geomysore Services (India) Pvt. Ltd. Conversion of an operating company into an operating cum holding company to make downstream investment. No Fresh Inflow 18 M/s Parfums Nabeel International Pvt. Ltd Deletion of condition of compulsory license and Export obligation No Fresh Inflow 19 M/s Takata India Pvt. Ltd. To carry out the additional activities in automobile sector. The proposal attracts Press Note 1 of 2005. 21.17 INFORMATION TECH ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... NOLOGY 20 M/s US Technology International (P) Ltd. Conversion of an operating company into an operating cum holding company to make downstream investment. Not furnished TELECOMMUNICATION 21 M/s Devas Multimedia Pvt. Ltd. To infuse fresh foreign equity in telecommunication sector. 317.85 ECONOMIC AFFAIRS 22 M/s Top Security Ltd., Mumbai Downstream Investment in its 10 Subsidiaries and Preferential allotment of equity shares. 21.25 23 M/s Mahle Gmbh, Germany To set up a Wholly Owned Holding company. 140.92 HEAVY INDUSTRY 24 M/s Perfect Circle India Ltd., Maharashtra Induction of FDI up to 51% in a co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mpany engaged in manufacture of internal combustion piston engines and other parts and accessories. Proposal attracts Press Note 1 of 2005. 17.00 The following 11 (Eleven) proposals have been deferred: Sl . No Name of the applicant Particulars of the proposal 1 M/s Dow Europe GMBH, Switzerland To set up a JV company. Proposal attracts Press Note 1 of 2005. 2 M/s VLCC Health Care Ltd., Delhi Conversion of Share Warrants into equity shares and redemption of Preference shares. 3 M/s NSK Holdings Pvt. Ltd., Mumbai Transfer, issue of equity shares and/ or compulsory convertible instruments into equity shares to Foreign Collaborator. To acqu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ire the status of foreign owned Indian holding company and to make downstream investment. 4 M/s KPIN Capital Advisors Pvt. Ltd. To induct FDI in a investment holding company by way of issue of Compulsory Cumulative Convertible Preference shares to make downstream investments in listed as well as equity linked securities in different sectors. 5 M/s Pepsico India Holdings Pvt. Ltd. To increase the approved equity from US$ 405 Million to US$ 455 Million. The initial proposal was approved by FIPB/CCEA. 6 M/s Quippo Telecom Infrastructure Ltd. To increase foreign equity from 65.63% to 82.55% in Telecom Sector. 7 M/s Asia Motorworks Holdings Ltd., Mumbai Induction of foreign ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... equity by way of subscribing to fully and compulsorily convertible debentures and conversion of operating company into an operating cum holding company. 8 M/s JSW Infrastructure Ltd., Mumbai Ex-post-facto approval for having undertaken the activity of holding company. 9 M/s Amar Ujala Publications Ltd. Amalgamation of two companies consequent upon the order of Hon'ble High court and induction of fresh FDI 10 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. 11 M/s Transcend Infrastructure Ltd. Increase in FDI beyond 49% in building towers, acquiring towers or se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... curing management rights of towers for the purpose of leasing or licensing the shares use of these towers to communications and broadcasting. The following two (2) proposals have been rejected: Sl . No Name of the applicant Particulars of the proposal 1 M/s ICP Investments (Mauritius) Ltd., Mauritius Transfer of Shares from NR to NR (repatriation of original investment before a period of three years from completion of minimum capitalization. 2 M/s Meta Telecom Pvt. Ltd., New Delhi Increase in Foreign equity from 40% to 73.45% in a company engaged in ILD and NLD Services. ***** BSC/SS/GN -189/08 - News - Press release - PIB Tax Management India - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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