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Government of India
Ministry of Finance
14-December-2010 16:43 IST
8 FDI Proposals Approved
Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on December 3, 2010, Government has approved 08 Proposals of Foreign Direct Investment amounting to Rs

 

 

Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on December 3, 2010, Government has approved 08 Proposals of Foreign Direct Investment amounting to Rs. 883.166 crore approximately. 

 

 

Following 8 (Eight) proposals have been approved.

 

Sl. No.

Name of the applicant

Particulars of the proposal

FDI/NRI inflows (Rs. In crore)

ECONOMIC AFFAIRS

1

M/s Knowledge Investments (Mauritius) Ltd., Mauritius

Approval to purchase Class A Units of a Fund.

0.026

2

M/s L&T Finance Holdings Ltd., Mumbai

Induction of foreign equity in an investing company by way of Initial Public Offer (IPO).

641.25

HEAVY INDUSTRIES

3

M/s Gigant India Automotive Pvt. Ltd., Maharashtra

Induction of foreign equity to set up a new JV through an investing company.

1.47

4

M/s Konecranes Finance Corporation, Finland

Induction of foreign equity in a company engaged in the financing, investment and consultancy activities in the field of manufacture of cranes.  The proposal attracts para 4.2.2 of Circular No. 2 of 2010 of the Consolidated FDI Policy.

169.00

 

 

CORPORATE AFFAIRS

5

M/s Catvision Products Limited, Delhi

To issue and allot convertible warrants to carry out the business of manufacturing of CATV equipment. 

1.38

DEFENCE

6

M/s Tata Advanced Systems Limited, Delhi

Induction of foreign equity to undertake activity relating to defence production.

42.82

POST

 

7

M/s Elbee Express Pvt. Ltd.

To increase foreign equity participation to carry out the business of providing courier and logistics activities. 

27.22

TELECOMMUNICATIONS

8

M/s Alan Dick & Company (India) Pvt. Ltd., Thane

To undertake the additional activity relating to infrastructure provider (IP Category I).

No Fresh Inflow

 

 

            The following 14 (Fourteen) proposals have been deferred:

 

Sl. No

Name of the applicant

Particulars of the proposal

1

M/s Intel Capital Corporation, U.S.A.

To make investment by subscribing to warrants in an investing company.

2

M/s ABG Shipyard Ltd., Mumbai

To enter into Defence Contracts

3

M/s B4U Television Network (India) Pvt Ltd.

Induction of foreign equity by an erstwhile OCB to carry out the business of up-linking a non-news and current affairs TV channel.

 

4

M/s Hindalco Industries Ltd., Mumbai

Ex-post-facto approval for issuance of partly paid up shares.

5

M/s Lakshmi Machine Works Ltd., Tamil Nadu

To undertake activities of manufacture parts, components and accessories for aircraft and spacecraft to be supplied to civil and defence sectors.

 

6

M/s Verizon Communications India Pvt. Ltd.

Transfer of equity shares from non-resident shareholder to non-resident group in Telecom Sector.

7

M/s Pran Beverages (India) Pvt. Ltd., Kolkata

Induction of foreign equity by a company from Bangladesh.

8

M/s Checkmate Services Pvt. Ltd., Gujarat

Induction of foreign equity in a company engaged in private security services.

9

M/s Reliance Broadcast Network Ltd., Mumbai

Induction of foreign investment by FIIs, NRIs by way of fresh allotment of shares by private placement or otherwise and/or investments through Stock Exchanges by way of portfolio investments, upto the limit of 20% of the total aid up capital of the company. The company is engaged in FM Radio Broadcasting.

10

M/s Essar Capital Holdings (India) Ltd., Mumbai

Acquisition of equity shares by way of subscription to new equity shares and/or purchase of existing equity shares in an investing company engaged in the telecom sector.

11

M/s Wireless Business Services Pvt. Ltd., Mumbai

Induction of foreign equity to carry out the business of internet and broadband services.

12

M/s Wireless Broadband Business Services (Haryana) Pvt. Ltd., Delhi

Induction of foreign equity to carry out the business of internet and broadband services.

13

M/s Wireless Broadband Business Services (Delhi) Pvt. Ltd., Delhi

Induction of foreign equity to carry out the business of internet and broadband services.

14

M/s Wireless Broadband Business Services (Kerala) Pvt. Ltd., Delhi

Induction of foreign equity to carry out the business of internet and broadband services.

 

 

 

            The following 6 (Six) proposals have been rejected:

 

Sl. No

Name of the applicant

Particulars of the proposal

1

M/s Pharmac Analytic Solutions Pvt. Ltd., Bangalore

Issue of shares for other than inward remittances.

2

M/s Asha-Kiran Shelters Foundation, Pune

Ex-post-facto approval for induction of foreign equity to carry out social rehabilitation centre.

3

M/s Forbes Bumi Armada Ltd

To make an amendment in the FC approval.

4

M/s Associated Broadcasting Co. Pvt. Ltd., Hyderabad

In pursuance of the merger proposal to issue and allot compulsory convertible preference shares on the date of completion of the merger. The company is engaged in the TV Channel Broadcasting.

5

M/s Flagship Infrastructure Pvt. Ltd., Mumbai

Ex-post-facto approval for issuance of warrants.

6

M/s DLF Limitless Developers Pvt. Ltd., Delhi

Transfer of shares from NR to Resident prior to expiry of 3 years from completion of minimum capitalization norms of the company.

 

                The following 2 (Two) proposals have been withdrawn from the agenda.             

Sl. No

Name of the applicant

Reasons

1

M/s Forbo Holding AG, Lindenstrasse, Switzerland

Withdrawn from the Agenda as the applicant has not provided the additional information.

2

M/s MSC Agency (India) Pvt. Ltd., Mumbai

Withdrawn from the Agenda since the activity is on automatic route, FIPB approval is not required.

 

                The following 01 (One) proposal has been recommended for the consideration of CCEA, as the investment involved in the proposals is above Rs. 1200.00 crore.     

Sl. No

Name of the applicant

Particulars of the proposal

FDI/NRI inflows (Rs. in crore)

1

M/s Enam India Infrastructure Fund Limited, Mauritius

Investment by subscribing to the Class A units of a Fund.

5750 (maximum, exact quantum to be communicate on closure of fund.

 

BY/GN