FDIs worth Rs 981.15 crore cleared

Government approves seven (07) proposals of Foreign Direct Investment (FDI), amounting to Rs. 981.15 crore approximately

Source: PIB, Government of India

Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its 220th meeting held on July 3, 2015, Government has approved 07 proposals of Foreign Direct Investment amounting to Rs. 981.15 crore approximately. Details of Proposals considered in the Foreign Investment Promotion Board (FIPB) Meeting held on July 3, 2015 Following 07 (seven) proposals have been approved:

S.no Name of the applicant Gist of the proposal Sector Proposed FDI
1. M/s Celon Laboratories Limited, Hyderabad, Telangana Approval has been sought by M/s Celon Laboratories Limited, a Brownfield pharma company for downstream investment in another brownfield pharma company. Pharma Rs. 16 crore
2. M/s Keppel Puravankara Development Private Limited, Bangalore Approval has been sought by M/s Keppel Puravankara Development Private Limited for redemption of preference shares issued to the foreign investor upon the expiry of minimum lock-in period of 3 years. Real Estate Nil
3. M/s Lalea Trading Ltd., Cyprus Application for obtaining approval for repatriation in terms of clause 6.2.11 of the consolidated FDI policy. Real Estate Nil (Rs. 23,27,48,358.02 – Outflow)
4. M/s Hathway Cable and Datacom Limited Approval has been sought for increasing foreign investment limit for FIIs, FPIs, etc. under the Portfolio Investment Scheme from 49% of its issued and fully paid up share capital to 74%. Telecom & Broadcasting Rs. 963 crore
5. M/s Cheetah Communications Private Limited, New Delhi M/s Cheetah Communications Private Limited, a newly incorporated company, is seeking approval to (i) engage in the internet and telecom related services and (ii) to increase foreign equity participation upto 100% by way of fresh issue of shares and transfer of shares from existing resident shareholders. Telecom Rs. 2.15 Crore
6. M/s Destimoney Enterprises Limited Destimoney Enterprises Limited has sought approval for conversion of from an operating cum investing company to a holding or Investing company. Investing Company Nil
7. M/s Kotak Mahindra Bank Limited, Mumbai Gist of the Proposal: Approval has been sought for increasing the aggregate foreign investment in M/s Kotak Mahindra Bank Limited to 55% pursuant to a merger between ING Vyasa and Kotak Banking Nil

  The following 06 (six) proposals have been deferred:

S.no Name of the applicant Gist of the proposal Sector
1. M/s DEN Networks Limited Approval has been sought for increase in foreign investment limit in Den Networks Limited beyond 49% and upto 74% by FIIs, NRIs, FPIs, and other eligible foreign investors through route of Secondary Market/Open Market purchase. Telecom & Broadcasting
2. M/s Reliance Globalcom Ltd., Bermuda Approval has been sought by M/s Reliance Globalcom Ltd. (RGL) to purchase M/s GCX India Ltd. (GCX India), an Indian owned and controlled company. Telecom
3. M/s O-zone Networks Private Limited, Delhi M/s O-zone Networks Private Limited Delhi, engaged in telecom sector and with 33.33% existing FDI from M/s AL Telecom Holdings (India) Limited, Cyprus, seeks approval for upto 100% foreign investment by M/s Ozone BV, Netherlands by way of purchase of the equity share capital existing foreign and domestic shareholders. ISP
4. M/s Chorus Call Conferencing Services India Private Limited Approval has been sought by M/s Chorus Call INC, USA for increase in the foreign equity from 74% to 100% in M/s Chorus Call Conferencing Services India Private Limited engaged in providing services like transmission of voice, video and data. Telecom
5. M/s Sistema Shyam TelServices Limited. Increases in FDI upto 100% in M/s Sistema Shyam TeleServices Limited and its downstream WoS M/s Shyam Internet Services Limited, both engaged in telecom sector, on account of conversion of Redeemable Preference Shares into equity. Telecom
6. M/s Indian Rotorcraft Limited, Mumbai M/s Indian Rotorcraft Limited, Mumbai (Investee Company) has sought approval for(i) to incorporate the helicopter model as AW 119Kx in place of AW 119Ke.(ii) to undertake final assembly of AgustaWestland’s helicopters for export to global customers or offered to Indian Civil market only and(iii) to change the foreign investor from M/s AgustaWestland N.V., The Netherlands to M/s AgustaWestland S.p.A, Italy as M/s AgustaWestland N.V., The Netherlands merged into M/s AgustaWestland S.p.A, Italy, pursuant to an internal re-organization through merger within the AgustaWestland group w.e.f January 01, 2014. Defence

July 29, 2015 | 6:45 pm IST.

The Dollar Business Bureau - Jul 29, 2015 12:00 IST
 
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