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TMI BlogGovernment Approves Ten (10) Proposals of Foreign Direct Investment (FDI) Amounting to ₹ 607 Crore Approximately; Recommends One Proposal for Approval of CCEA Involving FDI of ₹ 5856.51 Crore.X X X X Extracts X X X X X X X X Extracts X X X X ..... Government Approves Ten (10) Proposals of Foreign Direct Investment (FDI) Amounting to ₹ 607 Crore Approximately; Recommends One Proposal for Approval of CCEA Involving FDI of ₹ 5856.51 Crore. - News and Press Release Dated:- 16-2-2016 - News - Based on the recommendations of Foreign Investment Promotion Board in its 231 st meeting held on 22 nd January 2016, the Government has approved ten FDI proposals involving FDI of ₹ 607 crore, and recommended one proposal for approval of CCEA involving FDI of ₹ 5856.51 crore. The following ten (10) proposals have been approved: S. No. Item No Name of the applicant Gist of the proposal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Sector FDI (in Rs. Crore) 1 2 M/s Atria Convergence Technologies Private Limited Approval has been sought for transfer of its shares from existing non-resident shareholders to Argan (Mauritius) Limited and TA FVCI Investors Limited. Telecom Nil 2 4 M/s Glenmark Pharmaceuticals Limited, Approval has been sought for allotment of 1,03,000 equity Shares which is 0.03 % of the Paid up share Capital of the Company, to the employees (foreign nationals) on exercise of stock options by them. Pharma 3.34 3 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6 M/s Euronet Services India Pvt. Ltd, Bangalore Approval has been sought to act as the Bharat Bill Payment System Operating Unit (BBPOU) in accordance with the Circular issued by RBI dated October 20, 2015 NBFC nil 4 7 M/s Emcure Pharmaceuticals Limited Approval has been sought for the issuance of additional ESOPs to four non-resident employees to the extent of 0.28%. Pharma 57.4 5 8 M/s AvH Resources India Pvt. Ltd. Approval has been sought by a WoS of M/s Ackermans and Van Haaren NV, Belgium, for conversi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on of their activity from a management consulting and investing company to a Core Investment Company. CIC Nil 6 9 M/s Cipla Limited Approval has been sought for: - Initial investment of ₹ 128.96 crores from FIL Capital Investments (Mauritius) II Limited in M/s Cipla Healthcare Limited (a WoS of Cipla Limited), by way of subscription to fresh equity shares and CCPS up to a maximum of 26.11% of the share capital of Cipla Healthcare limited. Subsequent Investment of upto ₹ 16.26 crores by FIL Capital Investments (Mauritius) II Limited in subsequent rounds of Investment in a public limited company (i.e. Cipla Health Limited) post the cl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... osing of the Initial Investment. Pharma 145.22 7 15 M/s Alstom Manufacturing India Limited (i) M/s Alstom Manufacturing India Limited has sought an approval to only hold equity and arrange finance for its downstream investment company M/s Madhepura SPV for the period from 20.11.2015 to 01.07.2017. (ii) Thereafter, no FIPB approval is warranted for the period after which M/s Alstom Manufacturing India Limited will be only an investing company and will begin operations (Railway Infrastructure). Railway Infrastructure 400 8 17 M/s Capricorn Ventures Limi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted M/s Capricorn Ventures Limited has sought approval, for the issuance of shares to the shareholders of Max India pursuant to a demerger of Max India Limited whereby which each shareholder of Max India would be issued shares in the company in the ratio of 5:1 and M/s Capricorn would become the holding company of Max Specialities Films Ltd. Health, Clinical research and allied activities. Nil 9 24 DEN Networks Limited Den Networks Limited vide approval letter dated 14.08.2015, was granted approval for investment from FIIs/NRIs/FPIs upto 74% in the company. The company has now sought for allowing foreign investment in the compa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ny by way of issue of shares or underlying securities like QIIs/ADRs/GDRs/FCCBs and other permitted securities within the same approved foreign investment limit., Telecom Nil 10 26 M/s Celestis Pharmaceuticals Pvt Ltd Approval for transferring its 51% shares to M/s Abhaya Investments Limited, UK by way of transfer of 32,354 fully paid equity from its existing shareholders (Resident Indian) and by subscribing 38,053 fresh shares of the Company. Pharma 1.06 The following one (01) proposal has been recommended for approval by the Cabinet Committee on Economic Affairs (CCEA) under para 5.2.2 of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... FDI Policy 2015 : S. No Item No Name of the applicant Gist of the proposal Sector FDI (in Rs. Crore) 1 1 M/s ATC Asia Pacific Pte. Ltd Approval has been sought for acquisition of 51% of the shareholding of M/s Viom Networks Limited by M/s ATC Asia Pacific Pte. Ltd. (ATC Singapore) by way of transfer from existing shareholders. Telecom (IP-I) Rs.5856.51 The following eight (08) proposals have been deferred ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... : S. No. Item No Name of the applicant Gist of the proposal Sector 1 11 ICICI Lombard General Insurance Company Limited, Mumbai Approval has been sought to sell 40,270,010 fully paid up equity shares equivalent to 9% of the share capital of the Company ( Sale shares ) to FAL Corporation, an indirect wholly owned subsidiary of Fairfax, for an aggregate consideration of INR 1550.2 Cr. Insurance 2 12 M/s Almondz Insurance Brokers Private Limited Approval for the proposed transfer of 49% of its shareholding ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to M/s Willis Europe B.V. currently held by resident shareholders. Insurance 3 14 ICICI Prudential Life Insurance Company Limited, Mumbai Approval for transfer of 2% of its shares currently held by ICICI Bank Limited (ICICI) to Compassvale Investments Pte. Ltd (Compassvale), a foreign entity and 4% shares to Hasham Traders, a resident Indian entity. Insurance 4 16 M/s Taurus Ventures Limited M/s Taurus Ventures Limited has sought approval, for the issuance of shares to the shareholders of Max India pursuant to a demerger of Max India Limited whereby which each shareholder of M ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ax India would be issued shares in the company in the ratio of 1:1 and M/s Taurus would become the holding company of Max Healthcare and Max Bupa. Insurance, Health and Allied Activities 5 19 M/s Jasper Infotech Private Limited Approval for making downstream investment in M/s Macro Commerce Private Limited by purchasing 50% stake in the company from M/s Den networks Limited, its existing holding company E-Commerce 6 21 One97 Communications Limited Approval to operate as a Bharat Bill Payment Operating Unit (BBPOU) pursuant to the implementation of Bharat Bill Payment Sy ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stem (BBPS) Guidelines dated 28.11.2014 issued by the RBI. E-Commerce 7 22 M/s Reckitt Benckiser (India) Limited. M/s Reckitt Benckiser (India) Limited, a WOS of the Reckitt group, proposes to acquire 25.028% paid up share capital of M/s Reckitt Benckiser Healthcare India Limited from its current foreign investor viz. M/s Reckitt Benckiser (Singapore) Pte. Ltd., Singapore Pharma 8 25 M/s Athena Chhattisgarh Power Limited Approval has been sought for conversion of US $ 30 million of outstanding retention money into equity against supply of Boiler, Turbine, Generator equipment pa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ckage by M/s Dongfang Electric Corporation Limited (DECL), China. Power project The following five (05) proposals have been rejected: S. No. Item No Name of the applicant Gist of the proposal Sector 1 3 M/s Ashdene Investments Limited, Gibraltar Approval has been sought for the previously granted post facto approval to not be conditional upon the compounding by RBI. It is requested to be amended so as to confer the power to decide whether the contravention requires compounding or not on the RBI and allow the Applicants to make a case before them for co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ndoning of the contravention of FEMA as a minor offence. Tea Plantation 2 5 Veritas (India) Limited, Mumbai Post facto approval for the issuance of 4, 00,000 warrants convertible into equity shares for an aggregate consideration of INR 50 Crore. Trading 3 10 M/s KDK Softwares (India) Private Limited Approval/clarification for being engaged in the activity of facilitating the subscription to online software offerings / services to business and individual users in India in consideration for a periodical subscription fee by sourcing them from M/s Intuit Inc, USA which is ultimate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... holding company of M/s KDK Softwares (India). IT ITES 4 18 M/s Kemefs Specialities Pvt Ltd Post facto approval for issuance of 23, 97,918 (5%) Non-cumulative Redeemable Preference Shares to foreign Investor i.e. M/s Chance World International BSC(C), Bahrain and subsequent conversion of the same to equity shares as advised by the RBI. Trading 5 23 M/s Afro Asia Equipments Pvt Ltd Approval to expand its business operations to undertake wholesale B2B trading of agricultural equipments, trading of commercial vehicles and gensets and to provide after sales services and supply of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... spare parts. Cash and Carry Wholesale Trading The following two (02) proposals do not lie before FIPB: S. No. Item No Name of the applicant Gist of the proposal Sector 1 13 Silverline Technologies Limited Silverline Technologies Limited (Silverline) proposes to acquire 100% equity shareholding in 2i Solutions Inc., Canada and its WoS, Innovations In Business Solutions Inc, by way of share swap. IT/ITES 2 20 M/s AbbVie Biopharmaceuticals Private Limited Approval for con ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... version of AbbVie Biopharmaceuticals Private Limited into a dormant company having no significant assets / operations and infusion of FDI in AbbVie Biopharmaceuticals of an amount up to ₹ 1.55 crore from the foreign shareholders for the purposes of meeting costs and expenses already incurred by it and costs and expenses towards converting into and maintaining itself as a dormant company. Pharma - 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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