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TMI Blog40 FDI Proposals ApprovedX X X X Extracts X X X X X X X X Extracts X X X X ..... 40 FDI Proposals Approved - News and Press Release Dated:- 31-10-2008 - News - Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on 24 th October, 2008, Finance Minister, Shri P. Chidambaram has approved 40 Proposals of Foreign Direct Investment amounting to Rs. 1498.51 Crore approximately. The proposals relate to Ministries/Departments, namely, Commerce, Economic Affairs, Industrial Policy Promotion, Information Broadcasting, Power, Urban Development, Information Technology, Telecommunication, Financial Services and Road Transport Highways. Details of the proposals approved are as follows: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Sl. No. Name of the applicant Particulars of the proposal FDI/NRI inflows (Rs. In Crore) COMMERCE 1 M/s Sherwin-Williams Company, USA To invest in the Indian subsidiary to enable the conducting of test marketing and to set up retail stores for carrying out the contemplated test marketing activities. 2.40 2 M/s S. Oliver Bernd Freler Gmbh Co. To acquire 50% equity for retail trading under single brand. US$ 5 Million (Rs.24.90 Crore) ECONOMIC AFFAIRS 3 M/s ILFS-ORIX Trust Company Ltd., Mumbai To make investment from the Foreign Offshore Fund into the Trust and to issue un ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... its in the Trust to the offshore fund. 400.00 4 M/s Pegasus Assets Reconstruction Pvt. Ltd., Mumbai To subscribe to equity shares at a price higher than the price determined as per the pricing guidelines issued by the RBI. 51.66 5 M/s Alied Digital Service Ltd., Mumbai Transfer of shares by way share swap. No Fresh Inflow 6 M/s INX News Pvt. Ltd., Noida (i) To issue equity shares for making downstream investment to the extent of 26% of the issued and outstanding equity share in the equity share capital of the applicant company, and (ii) Indirect foreign investment to the extent of approximately 12.01% of its equity capital, from and out of the above 26% equity holding. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 26.00 7 M/s Ashoka Buildcon Ltd., Nasik Conversion of operating company into an operating cum holding company to make downstream investment. 8.10 8 M/s Spicejet Ltd, Gurgaon Issuance of warrants having option to convert into equivalent number of equity shares on preferential basis in one or more trenches for providing domestic airline service in India. 60.59 9 M/s Athena Project Private Ltd., New Delhi Transfer of shares from Indian entity to NR. 71.25 10 M/s Croupier Prive Mauritius To make investment in commodity exchanges. 47.57 11 M/s Etisalat Software Solutions Pvt. Ltd., Bangalore Regularization of allotment of shares at a p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... remium against the pre-incorporation expenses. 0.92 12 M/s Mahindra Holidays Resorts India Ltd., Chennai Conversion of operating company into an operating cum holding company to make downstream investment. 12.37 13 M/s Almondz Global Securities Ltd., New Delhi Post-facto approval for foreign equity participation by way of subscribing to fully convertible warrants convertible into equity shares. 8.53 14 M/s Forum Ventures Pvt. Ltd., Kolkata Conversion of operating company into an operating cum holding company to make downstream investment. 99.97 15 M/s Louis Vuitton Malletier Conversion of operating company into an operating cum holding company to m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ake downstream investment. 150.00 INDUSTRIAL POLICY PROMOTION 16 M/s Kaal Flex Pvt. Ltd. To issue equity shares at a premium against the payment made for installation of plant and machinery and providing technical training. No Fresh Inflow 17 M/s Armet Armored Vehicles (India) Ltd., Kanpur To set up a JV company to manufacture bodies (including Cabs) designed to be mounted on motor vehicles chassis for special purpose motor lorries, armoured cars etc. 2.55 INFORMATION BROADCASTING 18 M/s Star CJ Network India Pvt. Ltd., Mumbai To invest up to 100% to undertake the creation of television channels for the purpose of broadcasting and for distribution t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hrough media platforms. 0.01 POWER 19 M/s ISNI Electric Power Company Pvt. Ltd., USA To issue and allot equity shares in consideration for Pre-incorporation expenses in power generation sector. 0.69 URBAN DEVELOPMENT 20 M/s U. DORI Engineering Works Corporation Ltd., Hyderabad Conversion of operating company into an operating cum holding company to make downstream investment. 125.00 ECONOMIC AFFAIRS 21 M/s Marks Spencer Plc Conversion of operating company into an operating cum holding company. No Fresh Inflow 22 M/s ABB Holdings (South Asia) Ltd. Merger and allotment of shares pursuant to the orders passed by the Hon'b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le High Court of Karnataka. No Fresh Inflow 23 M/s SCI COM Technologies Pvt. Ltd. To relax one of the conditions imposed in the approval letter, which requires the completion of the closure of Branch before allotting equity shares in discharge of consideration. No Fresh Inflow 24 M/s Maanaveeya Holdings Investments Pvt. Ltd. (i) Removal of the one of the clause of the approval letter, and (ii) conversion of Redeemable Non Convertible Preference Shares into equity. No Fresh Inflow INDUSTRIAL POLICY PROMOTION 25 M/s Philips Electronics India Ltd. Conversion of operating company into an operating cum holding company to make downstream investment. No Fresh I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nflow 26 M/s Yamaha Motor India Pvt. Ltd. Transfer of business operations and FC approval without transfer of equity. No Fresh Inflow 27 M/s Barings India Ltd. (now known as Macquarie Capital Advisers (India) Pvt. Ltd. Conversion of operating company into an operating cum holding company to make downstream investment. No Fresh Inflow INFORMATON BROADCASTING 28 M/s Asianet Communications Ltd. De-merger and transfer of shares by way of share swap. No Fresh Inflow INFORMATION TECHNOLOGY 29 M/s Balaji Telefilms Ltd. Ex-post facto approval for conversion of operating company into an operating cum holding company to make downstream inves ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tment. No Fresh Inflow 30 M/s Geomysore Services (India) Pvt. Ltd. Conversion of operating company into an operating cum holding company to make downstream investment. No Fresh Inflow TELECOMMUNICATION 31 M/s United Villages Networks Pvt. Ltd. Deletion of one of the clause from the approval letter as the activity undertaken by the company is not categorized in that category. No Fresh Inflow COMMERCE 32 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. 0.51 33 M/s Mcleod Russel India Ltd., Kolkata To increase in the limit of total holdings ;o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f all FIIs/sub-accounts of FIIs, put together, from 24% of the paid up (i) capital of the company to 40% of the paid up capital of the company; and (ii) value of respective series of convertible debentures of the company to 40% of the paid up value of the respective series of convertible debentures of the company. The company is engaged in growing, manufacturing and selling of bulk tea. No Fresh Inflow ECONOMIC AFFAIRS 34 M/s Tutorvista Global Pvt. Ltd., Chennai Ex-post facto approval for conversion of operating company into an operating cum holding company. No Fresh Inflow 35 M/s Adani Power Ltd., Ahmedabad Post-Facto approval for conversion of operating company into an operating c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... um holding company to make downstream investment. 29.69 FINANCIAL SERVICES 36 M/s. Asset Reconstruction Co. (India) Ltd. Induction of a new foreign collaborator and increase in the foreign equity participation from 5% to 14.66% in the Asset Reconstruction. 272.86 INFORMATION BROADCASTING 37 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. 0.80 38 M/s Amar Ujala Publications Ltd. Amalgamation of two companies consequent upon the order of Hon'ble High court. No Fresh Inflow ROAD TRANSPORT HIGHWAYS 39 M/s Meka Infrastructure Pvt. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ltd., Mumbai Conversion from operating company to operating cum holding company to make downstream Investment. 10.00 TELECOMMUNICATION 40 M/s Essel Shyam Communication Ltd., Noida To acquire equity shares and issue of warrants to subscribe to compulsory convertible preference share. 92.14 The following 7 (Seven) proposals have been recommended to be deferred: Sl. No Name of the applicant Particulars of the proposal 1 M/s Gallagher Mautitius Holdings, Mauritius Transfer of shares by way of share swap in IT sector. 2 M/s World Space (I) Pvt. Ltd. To provide/undertake the activities of web based services. 3 M/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s ZF Friendrichsafen AG, Germany To set up a new Joint Venture Company for manufacturing and marketing of rubber and rubber-to-metal parts for automotive industry, agriculture and construction machinery, railway and construction application. The proposal attracts Press Note 1 of 2005. 4 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. 5 M/s QuEST Manufacturing Pvt. Ltd., Bangalore Conversion from operating company to operating cum holding company to make downstream Investment. 6 M/s Delight Investments Pte Ltd., Singapore Induction of foreign equity in two ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Indian companies and to convert their status from operating company into operating -cum-holding company for making further downstream investments 7 M/s JT International Mauritius Pvt. Ltd To increase in foreign shareholding from 50% to 74%. The following 4 (Four) proposals have been rejected: Sl. No Name of the applicant Particulars of the proposal 1 M/s Keppel Puravankara Development Pvt. Ltd., (KDPL), Bangalore To sell a part of unused land out of the total plot which was initially acquired to undertake a construction/housing project. 2 M/s RISH PTE Ltd., Cook Islands Post-facto approval for the FDI already brought in under automatic rou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te, which otherwise requires FIPB approval. 3 M/s RISH PTE Ltd., Cook Islands Post-facto approval for the FDI already brought in under automatic route, which otherwise requires FIPB approval. 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. The following 2(Two) proposals have been recommended for the consideration of CCEA, as the investment involved in the proposals is above Rs. 600.00 Crore. Sl. No Name of the applicant Particulars of the proposal FDI/NRI inflows (Rs.In Crore) 1 M/s TPG India Investmen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts I, Inc., Mauritius (i) Issuance of warrants, and (ii) Conversion of operating company into an operating cum holding company to make downstream investment to carry out the activities of Investment holding company. 805.61 2 M/s Suzlon Energy Ltd., Ahmedabad Conversion of operating company into an operating cum holding company to make downstream investment to carry out activities of production and manufacture of wind turbine generators and generating sets. 1800.00 1(One) proposal has been recommended for the consideration of CCEA, as the initial approval was granted by CCFI (now CCEA). Sl. No Name of the applicant Particulars of the proposal FDI/NRI inflows ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs. In Crore) 1 M/s Pepsico India Holdings Pvt. Ltd. To increase the approved equity from US$ 405 Million to US$ 455 Million and also to delete a condition in the approval letter. The initial proposal was approved by FIPB/CCFI. US$ 50 Million (Rs.249.05 Crore) BSC/SS/GN-283/08 - News - Press release - PIB Tax Management India - 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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