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TMI Blog16 FDI proposals approvedX X X X Extracts X X X X X X X X Extracts X X X X ..... 16 FDI proposals approved - News and Press Release Dated:- 17-7-2009 - News - Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on July 10, 2009, Government has approved 16 Proposals of Foreign Direct Investment amounting to Rs. 891.71 Crore approximately. Following 16 (Sixteen) proposals have been approved . Sl . No. Name of the applicant Particulars of the proposal FDI/NRI inflows (Rs. In Crore) COMMERCE 1 M/s Oviesse S.p.A. To set up a joint v ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... enture with 51% participation by way of equity shares for Retail trading of products under the single brand. Not indicated 2 M/s Aer Rianta International CPT, Ireland To set up a joint venture company with a foreign equity of 50.1% to undertake the business of establishing and operating duty free shops in the duty free zones and to incorporate a holding company in India to make downstream investments to pursue other duty free opportunities. 46.00 ECONOMIC AFFAIRS 3 M/s Krizm Hotels Pvt. Ltd. ('Krizm'), New Delhi Ex-post-facto approval for grant of the right to subscribe to fully paid up equity shares vide issuance of warrants. 2.40 4 M/s Teamec Chlorates limited, Che ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nnai To induct foreign equity on repatriation and on non-repatriation basis. The proposal attracts Press Note 1 of 2005. 4.33 5 M/s Sterlite Technologies Limited, Maharashtra Issue and allotment of warrants on preferential basis. 41.28 TELECOMMUNICATION 6 M/s Verdant Telemetry Antenna Systems Pvt. Ltd. To induct NRI investment to carryout manufacturing of Airborne antenna, Terrestrial Antenna, Radomes, Telemetry transceivers Composite components for defence and aerospace application. 0.75 CHEMICAL FERTILIZERS 7 M/s Vista Phamaceuticals Ltd. Ex-post facto approval for issuance of convertible share warrants and conversion of the same into e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... quity shares. 5.80 INUDUSTRIAL POLICY PRMOTION 8 M/s SAET S.P.A. Italy To get the status of "Investing Company" instead of "Operating-cum-Investing company" as per Press Note 4 of 2009. 10.00 INFORMATION BROADCASTING 9 M/s UTV Software Communications Ltd., To increase the share holding from 75% to 85% by purchase of equity shares and to amend the FC approval letter. No Fresh Inflow ECONOMIC AFFAIRS 10 M/s Teesta Urja Ltd., New Delhi Ex-post facto approval to regularize the allotment of equity shares on partly paid basis. 547.20 11 M/s IHHR Hospitality Pvt. Ltd., New Delhi Ex-post facto approval to regularize the all ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... otment of equity shares on partly paid basis. No Fresh Inflow 12 M/s IL FS Trust Company Ltd., Mumbai To allow the Trust to continue to hold investment in Multi Commodity Exchange of India Limited (MC). 108.00 INUDSTRIAL POLICY PRMOTION 13 M/s KVK Energy Infrastructure Pvt. Ltd., To raise additional FDI from an existing investor by way of issue of Compulsorily Fully Convertible Debentures. 116.00 14 M/s High Mark Credit Information Services Pvt. Ltd., To provide for enhancement of permitted foreign investment to 40% of the issued share capital. 9.20 INFORMATION BROADCASTING 15 M/s Interpublic Mauritius Ltd., Mauritius To ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... make investment of 50% equity by way of subscribing to equity shares. The proposal attracts Press Note 1 of 2005. 0.75 ECONOMIC AFFAIRS 16 M/s Zee Entertainment Enterprises Ltd. Transfer of fully paid equity shares to an overseas entity belonging to the Promoters Group, for up-linking a non-news and current Affairs TV channel. No Fresh Inflow The following 13 (Thirteen) proposals have been deferred : Sl . No Name of the applicant Particulars of the proposal 1 M/s BEE KAYDASS India Pvt. Ltd. Transfer of shares from Resident shareholders to NRI. The company is engaged in the tea plantation. 2 M/s Clivet TF Air S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ystems (P) Ltd., Bangalore To issue shares for other than cash consideration. 3 M/s NR Hytech Engineers pvt. Ltd., Thane Ex-post-facto approval for issuance of shares against import of machinery. 4 M/s Jindal Saw Ltd., Uttar Pradesh To allot warrants under guidelines for preferential issues as contained in Chapter XIII of the SEBI Guidelines, 2000. 5 M/s Sahajanand Medical Technologies Pvt. Ltd., Surat Transfer of shares by way of share swap. The Indian company has one SSI Unit. 6 M/s K S Oils Limited, Madhya Pradesh The issuance and allotment of warrants (as well as full paid-up equity shares to be issued on conversion of such war ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rants) to the Foreign Investors. 7 M/s Big Drum India Pvt. Ltd., Hyderabad To allot shares in lieu of consideration of the value of the machineries supplied. 8 M/s Dish TV India Ltd., To issue convertible bonds, convertible into equity shares at a 'conversion price' as specified in an offering circular in relation thereto and on terms and conditions mentioned thereunder, to such persons resident outside India, as may be permissible under the applicable laws. 9 M/s ISNI Electric Power Company Pvt. Ltd., USA To make an amendment in the FC approval letter. 10 M/s United Breweries (Holdings) Limited, Bangalore Ex-post facto approval for (i) iss ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ue of fully convertible equity warrants, and (ii) for allotment of fully paid up equity shares on conversion of convertible equity warrants. 11 M/s Unitech Wireless (Tamilnadu) Pvt. Ltd To increase the foreign shareholding up to 74%. 12 M/s Rish Pte. Ltd. Transfer of shares from an erstwhile OCB to NR. 13 M/s Exensys Software Solutions Ltd. Ex-post facto approval for issuance of warrants convertible into equity shares. The following 2 (Two) proposals have been rejected: Sl . No Name of the applicant Particulars of the proposal 1 M/s Indium IV (Mauritius) Holdings ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ltd., To invest in the units of the Fund. Foreign Investor must register as a FVCI. 2 M/s Benq India Pvt. Ltd. To make an amendment in the FC approval letter. Violation of test marketing condition cannot be condoned. The following 1 (One) proposal has 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 Celebi Hava Servisi A.S. (Celebi), Turkey To set up a special purpose company (Joint Venture company) with a foreign equity of 74% to upgrade, modernize, finance, operate, maintain and manage the existing Cargo terminal. The proposal attr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... acts Press Note 1 of 2005. Amount not specified The following 01 (One) proposal has been noted: Sl. No. Name of the applicant Particulars of the proposal FDI/NRI inflows (Rs. In Crore) 1 M/s Cargil India Pvt. Ltd., To transfer all the approval letters in accordance with the orders passed by the Hon'ble High Court of Delhi sanctioning the scheme of amalgamation. Nil In the proposal of M/s ByCell Telecommunication India Pvt. Ltd., all FC approvals have been revoked. * * * * * BSC/BY/GN-262/09 - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - ta ..... 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