Further to para 4 of the Press Release dated December 12, 2013, wherein it was stated that decision in respect of one (1) proposal would be communicated separately, the Government has decided to reconsider the proposal and hence the proposal, as mentioned below, has been deferred:
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Sl. No.
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Name of the applicant
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Particulars of the proposal
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1
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M/s Manipal Technologies Ltd., Karnataka
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Induction of foreign investment in order to invest in the subsidiary to enter into cards payment system management and processing services for all kinds of alternate delivery channels including ATM.
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Following one (1) proposal has been approved:
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Sl. No.
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Name of the applicant
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Particulars of the proposal
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FDI/NRI inflows
(Rs. in crore)
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1
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M/s Nexus Flight Operation Services LLC, Saudi Arabia
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Marginal increase in FDI through fresh issue of shares of an Indian company engaged in ground handling services in airports.
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0.01
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2. The following two (2) proposals have been deferred:
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Sl. No
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Name of the applicant
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Particulars of the proposal
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1
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M/s Tandberg Technology India Pvt. Ltd., Bangalore
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Post facto approval for shares issued to a foreign company against pre-incorporation expenses in a computer consulting and audio/video equipments company.
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2
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M/s Bharti Shipyard Ltd., Mumbai
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Indian company in shipbuilding sector which has existing FDI through FIIs and NRIs proposes to undertake defence activities.
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3. In respect of the following one (1) proposal, it is recommended that decision will be kept in abeyance till DIPP finalizes policy on FDI in brownfield pharma projects involving transfer of control:
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Sl. No
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Name of the applicant
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Particulars of the proposal
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1
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M/s Lotus Surgical Specialities Pvt. Ltd., Mumbai
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An investing company to make downstream investment in an existing company through transfer fresh issue of shares of the downstream entity to a foreign Fund.
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