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PRESS INFORMATION BUREAU
GOVERNMENT OF INDIA
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25 FDI PROPOSALS AMOUNTING TO RS. 2973.40 CRORE APPROVED
New Delhi : Jyaistha 08, 1934
May 29, 2012
Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting
held on May 9, 2012, Government has approved 25 Proposals of Foreign Direct Investment amounting
to Rs. 2973.40 crore approximately.
Details of Proposals considered in the Foreign Investment Promotion Board (FIPB) Meeting
held on 09.05.2012
Following 25 (Twenty five) proposals have been approved.
Sl. Name of the applicant Particulars of the proposal FDI/NRI
No. inflows
(Rs. In crore)
CORPORATE AFFAIRS
1 Mr. Ranjit Shridhar To form an LLP with induction of foreign equity to
Shetty, Karnataka undertake the whole sale trading, export and import 0.02
of various products.
ECONOMIC AFFAIRS
2 M/s Mamta Vijay, To form an LLP with induction of foreign equity to
Delhi undertake the wholesale trading in high technology
0.50
testing equipment and high precision calibration
standards.
ELECTRONIC & INFORMATION TECHNOLOGY
3 M/s Ness Mauritius, To form an LLP with induction of foreign equity to
Mauritius and M/s Ness undertake the business of software development & IT
0.01
Technologies (East) enabled Services.
B.V., Netherlands
FINANCIAL SERVICES
4 M/s AIF III Sub Pvt. Induction of foreign investment in the units of a Fund
Ltd., Mauritius constituted as a Trust. 1000.00
HEALTH & FAMILY WELFARE
5 M/s Sun Pharma Induction of foreign equity by way of issue of partly
Research Company paid up shares to carry out the development of new 10.00
Limited, Mumbai proprietary drugs.
HIGHER EDUCATION
6 M/s Bloomsbury India Induction of foreign equity to carry out the business
UK Limited, UK of publishing/printing of books on fiction and non-
fiction, electronic publishing, wholesale & retail 9.38
trading, periodicals books, academic, research and
other journals and directories, etc.
INFORMATION & BROADCASTING
7 M/s NGC Network To undertake the activity relating to uplink and
(India) Pvt. Ltd., downlink of television channels for non-news and Nil
Haryana current affairs through internal accruals.
M/s Health Media Induction of foreign equity to carry out the business
8 Publishing Private Ltd. of publishing magazines & periodical journals in the Nil
area of healthcare & overall wellness.
URBAN DEVELOPMENT
9 M/s Capitaretail NR-NR transfer of shares of company is engaged in
Jalandhar Mall the business of construction and development of
117.00 (already
(Mauritius) Ltd., commercial malls in India on account of
brought)
Mauritius reorganisation of the foreign investor group
companies within three years lock in period.
10 M/s Goyal & Co. Post facto approval for issuance of partly paid up
(Const.) Pvt. Ltd., shares to carry out the business of construction and 3.45 (already
Ahmedabad development of land and construction of various brought)
Residential and Commercial Schemes.
HEALTH & FAMILY WELFARE
11 M/s Mozart Limited, Induction of foreign investment in the existing
Mauritius company in the pharmaceuticals sector (brownfield 300.00
investments).
INDUSTRIAL POLICY & PROMOTION
12 M/s Genworth Induction of additional foreign equity in company
Financial Mortgage engaged in the business to offer mortgage guaranty
Guaranty India Pvt. Ltd. products that provide residential mortgage credit
124.00
default protection in the Indian market to residential
mortgage lenders (primarily banks financial
institutions).
13 M/s Euronet Services Ex-post facto approval for the foreign investment
Pvt. Ltd. made till date in the company and to cover the Nil
activity of ,,cashnet, a shared ATM network.
14 M/s Allergan Health The Scheme of Amalgamation of company engaged
Care India Pvt. Ltd. in the pharmaceutical sector approved by the High NA
Court of Karnataka.
INFORMATION & BROADCASTING
15 M/s Indusind Media & Conversion of 7-year Cumulative Non-Convertible
Communication Ltd. Redeemable Preference shares into equity to carry Nil
out the business of Cable Network Distribution.
CORPORATE AFFAIRS
16 M/s Ankur Drugs and To issue warrants to carry out the business of
Pharma Ltd., Mumbai manufacturing of pharmaceutical formulations. 40.00
EXTERNAL AFFAIRS
17 M/s Sunraj Diamond Transfer of shares by way of share swap to carry out
Exports Limited, the business of cleaning, polishing and selling of Nil
Mumbai Diamonds.
FINANCIAL SERVICES
18 M/s SNC-Lavalin Induction of foreign equity in an investing company.
Mauritius Limited, 51.02
Mauritius
HEALTH & FAMILY WELFARE
19 M/s Plethico Issue of foreign currency convertible bonds to carry
Pharmaceuticals out the business of drug discovery and development. 500.00
Limited, Mumbai
INFORMATION & BROADCASTING
20 M/s Catvision Limited, To increase foreign equity participation to carry out
Noida the business of manufacture of CATV equipment,
selling CATV equipment like Dish Antenna, other
0.98
CATV equipment, cables, energy management
equipment and repair of apparatus for television
transmission, other business services.
POSTS
21 M/s Kintetsu World Induction of foreign equity to carry out the business
Express (India) Pvt. of express distribution, supply chain and third party 267.69
Ltd., Karnataka logistics services.
TELECOMMUNICATIONS
22 M/s Microqual Techno Increase in foreign equity to carry out the business of
Ltd., Mumbai wireless telecommunications. 522.90
URBAN DEVELOPMENT
23 M/s Nilayami Realtors Post-facto approval for issuance of partly paid up
21.47 (already
Private Limited, shares.
brought)
Mumbai
INDUSTRAIL POLICY & PROMOTION
24 M/s Hughes To make downstream investment to carry out the
Communications India activity of rendering online and interactive skill
No Inflow
Ltd. development, vocational programmes and other
training programmes.
REVENUE (CUSTOM)
25 M/s ISG Onboard To set up a WoS company for undertaking the
Enterprises US Ltd., activities of (i) sale of duty free goods to passengers
New York on international flights of India bases airlines; and
5.00
(ii) sale of duty free goods to India based airlines for
onward sale to passengers by such India based
airlines on international flights and related activities.
The following 13 (Thirteen) proposals have been deferred:
Sl. Name of the applicant Particulars of the proposal
No
1 M/s Track Systems Induction of foreign equity to carry out the manufacturing,
India Private Limited, assembling, marketing, trading in defence sector
Tamil Nadu
2 M/s Amertec Systems Induction of foreign equity to carry out the manufacturing of
Pvt. Ltd., New Delhi advanced electronic systems, test systems, simulators and electronic
systems for military applications.
3 M/s Paragon Asset Induction of foreign equity to carry out the business of Asset
Reconstruction Pvt. Reconstruction.
Ltd., Mumbai
4 M/s Stellence Induction of foreign equity by way of transfer and issue of equity
Pharmscience Pvt. Ltd., shares and compulsory convertible preference shares to carry out the
Bangalore business of manufacture and sale of Active Pharmaceutical
Ingredients and advanced intermediates.
5 M/s Fabindia Overseas To change the permitted equity participation by the existing foreign
Pvt. Ltd. investors within the approved equity holding of 51% and (ii) addition
of product/product categories to the list of items approved for single
brand retail trading.
6 M/s NCBG Holdings To undertake the additional activities in the defence sector.
Inc (DCX Cable
Assemblies Pvt. Ltd.
7 M/s DEN Network Ltd. Induction of foreign investment from unidentified investors. The
company is engaged in the business of cable distribution segment
and internet services (NIC Code 750), (ii) and is acting as operating-
cum-holding company.
8 M/s MF Global Sify Increase in foreign equity participation to carry out the business of
Securities India Pvt. commodity broking and Stock broking.
Ltd.
9 M/s Tara Aerospace To undertake additional activities of inter-alia design, development,
Systems Limited, engineering, manufacturing, integration, assembly, testing and
Mumbai inspection of military aircrafts (rotor-crafts and fixed-wing aircrafts),
including products such as aerospace and aero structures
components, kits and accessories in the defence sector.
10 M/s CLSA Singapore Induction of foreign equity in an investing company to carry on the
Holdings Pte Ltd., business of process outsourcing services for clients, both domestic
Singapore/ M/s CLSA and offshore.
Limited, Hong Kong
11 M/s Ordain Health Care Induction of foreign investment in an existing company engaged in
Global Pvt. Ltd., the business of manufacturing, research & development for
Chennai technology advancement, and marketing of pharmaceutical finished
dosage formulations.
12 M/s Sutures India Induction of foreign investment in an existing company engaged in
Private Limited, the business of manufacturing and export of sutures, surgical tapes,
Bangalore mesh bone wax, atraumatic needles, skin staplers and surgical
gloves.
13 M/s Netmagic Solutions Increase in foreign equity upto 74 percent and induction of a new
Pvt. Ltd. foreign collaborator to undertake the business of Internet Service
Provider with gateways.
The following 8 (Eight) proposal has been rejected:
Sl. Name of the applicant Particulars of the proposal
No
1 M/s Budenheim India Ex-post facto approval for issue of equity shares against pre
Private Limited, New incorporation/pre-operating expenses. The company is engaged in
Delhi the business of sales coordination for the parent company and its
group concerns and wholesale trading.
2 M/s Growing Extension of time to take steps to meet the minimum capitalisation
Opportunity Finance norms as per the FDI policy in force in NBFC activities.
(India) Pvt. Ltd.,
Chennai
3 M/s Horst Pandey Art Post facto approval for induction of foreign equity in an LLP to carry
Resort LLP, Goa out the business of artistically designing, managing, furnishing,
decoration of health resorts, holiday resorts, hotels motel, Bar &
Restaurant.
4 M/s Hey House Deletion of compounding condition.
Publishers (I) Pvt. Ltd.
5 M/s Limitless World Repatriation of the original investment. The company is engaged in
LLC the business of construction and development of townships.
6 M/s Munoth GFive Induction of foreign equity to carry out the business of whole sale
Telecom, Chennai distribution of mobile phones, laptops, pads and value added service
for mobile phones.
7 M/s Deltronix India To allot equity shares in lieu of amount payable for powder coating
Limited plant and machinery to carry out the business of manufacture of
transport equipment and parts.
8 M/s Putzmeister Capitalisation of import payables to carry out the business of
Concrete Machines Pvt. manufacturing, marketing and sale of Putzmeister range of concrete
Ltd. pumps, other related products and rendering related after-sales
services.
The following 1 (One) proposal has been advised to access automatic route:
Sl. Name of the applicant Particulars of the proposal FDI/NRI
No inflows
(Rs. in crore)
1 M/s Diners Club To set up a WoS to carry out the business of
International Ltd., USA providing support services to parent company 0.12
which is engaged in operating a payment system.
The following 02 (Two) proposals have been withdrawn from the Agenda:
Sl. Name of the applicant Particulars of the proposal FDI/NRI
No inflows
(Rs. In Crore)
1 M/s Palred Media and Post facto approval for induction of foreign
Entertainment Pvt. Ltd., equity. The company is engaged in the business
Hyderabad of film production and distribution of films, 1.91
cinemas, motion pictures, television
entertainment, animation, internet portals etc.
2 M/s Apotex Research Increase in foreign equity to undertake research
Pvt. Ltd. and development focused on developing and
producing carious types of dosage forms of Active
Pharmaceuticals, sale and distribution of solid
500.00
dose products and other products of the Apotex
Group, compile the pharmaceuticals product
dossier and coordinate bio-equivalence studies in
India.
The following 1 (One) proposal has been advised that FIPB approval is not required:
Sl. Name of the applicant Particulars of the proposal FDI/NRI inflows
No. (Rs. in crore)
1 M/s Netenrich For deletion of compounding condition on the
Technologies Pvt. Ltd. ground that partly paid up shares are not proposed Nil
to be made fully paid up.
In the following 01 (One) proposal the Council of Architecture would be advised that
FIPB approval prescribes that the agreement shall be subject to Indian Laws and action may
be taken for violation of the provisions of Architects Act under the provisions of the said Act:
Sl. Name of the applicant Particulars of the proposal
No.
1 Council of Architecture, To cancel FIPB approval to M/s RSP Architects & Engineers Pte
New Delhi Ltd., on the ground of alleged violation of provisions of Architects
Act 1972.
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