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Government has approved 25 Proposals of Foreign Direct Investment,
May, 30th 2012
                                                                                                   "15"
                                                                                              pib.nic.in

                                 PRESS INFORMATION BUREAU
                                   GOVERNMENT OF INDIA
                                            *****

          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.

                                               *****
SS/GN
 
 
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