Govt approves 4 FDI proposals
The Dollar Business Bureau
The Government on Friday approved four proposals of foreign direct investments (FDI), deferring three and rejecting four, while it said that four FDI proposals did not lie before the Foreign Investment Promotion Board (FIPB).
On September 2016, the government held its 240th meetings to consider the FIPB's recommendations on various foreign investment proposals.
Among the four approved proposals was a Rs.2060 crore “acquisition of up to 100% of the share capital of M/s Sharekhan Limited (‘SKL/Sharekhan’) other than the shares held in Sharekhan by M/s Human Value Developers Private Limited (‘HVD’) by M/s BNP Paribas SA France (‘BNPP’) and/or one or more of BNPs French subsidiaries” as divulged by the Ministry of Finance.
The government also gave approval to IBM's proposal to merge its wholly-owned subsidiaries — Telelogic India Pvt. Ltd., Unica Softtech Systems India Pvt. Ltd. and Bigfix Software (India) Pvt. Ltd. — into its another wholly-owned-subsidiary, Sterling Commerce Solutions Pvt. Ltd.
All the deferred proposals belonged to telecom sector, represented by Flag Telecom Singapore Pvt. Ltd., You Broadband India Ltd. and Idea Cellular Infrastructure Services Ltd.
The FDI proposals of Limpkin Telecom Pvt. Ltd., Damco Soft Pvt. Ltd., Packt Publishing Services (India) Pvt. Ltd. and BT Global Communications, which sought approval to acquire a 26% equity and preference share capital of BT Telecom India Pvt. Ltd. (Investee Company) from Jubilant Stock Holding Pvt. Ltd., were rejected by the government.