Based on the recommendations of Foreign Investment Promotion Board in its 230th meeting held on 29th December 2015, the Government has approved the proposal of M/s Firefly Networks Ltd and has also recommended the proposal of M/s HDFC Standard Life Insurance Company Ltd for the approval of CCEA, which involves Foreign Direct Investment (FDI) of ₹ 1705 crore.
The following one (01) proposal has been approved:
|
S. No.
|
Item No
|
Name of the applicant
|
Gist of the proposal
|
Sector
|
FDI (in Rs. Crore)
|
|
1
|
7
|
M/s Firefly Networks Ltd
|
Approval has been sought by M/s Fire Fly Networks Limited for approval of the existing foreign investment (50% indirect) and to permit commencement of activities as a Telecom Infrastructure Provider Category-I (IP1).
|
Telecom
|
Nil
|
The following one (01) proposal has been recommended for approval by the Cabinet Committee on Economic Affairs (CCEA) under para 5.2.3 of the FDI Policy 2015:
|
S. No
|
Item No
|
Name of the applicant
|
Gist of the proposal
|
Sector
|
FDI (in Rs. Crore)
|
|
1
|
8
|
M/s HDFC Standard Life Insurance Co. Ltd
|
Approval for transfer of its shares currently held by Housing Development Finance Corporation Limited (HDFC) to Standard Life (Mauritius Holdings) 2006 Limited, thereby increasing foreign shareholding in HDFCSLI from 26% to 35%.
|
Insurance
|
Rs.1705 cr
|
The following four (04) proposals have been deferred:
|
S. No.
|
Item No
|
Name of the applicant
|
Gist of the proposal
|
Sector
|
|
1
|
1
|
M/s Quantum Simulators Pvt Ltd
|
Approval to set up a stimulator Manufacturing Company in India for various applications including military and commercial uses in technical collaboration with leading US Company M/s Textron with US $ 15 Billion revenue. Further M/s Quantum Simulator has a JV agreement with a Indian company who would be holding 51% and the balance 49% by Quantum
|
Defence
|
|
2
|
2
|
M/s Sharekhan Limited
|
Acquisition of up to 100% of the share capital of Sharekhan Limited other than the shares held in Sharekhan Limited by Human Value Developers Private Limited by BNP Paribas SA France and/or one or more of BNPs French subsidiaries. II. Acquisition of 100% capital of Human Value Developers Private Limited by BNP and/ or one or more of BNPs French subsidiaries.
|
NBFC
|
|
3
|
6
|
M/s Aviva Life lnsurance Co lndia Ltd
|
Approval has been sought by Aviva Life Insurance Company India Limited to increase the foreign shareholding from 26% to 49% by Aviva International Holdings Limited, UK by way of transfer of 23% shareholding currently held by Dabur Investment Corp.
|
Insurance
|
|
4
|
9
|
M/s Tata Sikorsky Aerospace Limited
|
Approval has been sought for
non-resident to non-resident transfer of 26% of the shares of Tata Sikorsky Aerospace from M/s United Technologies International Corporation - Asia Private Limited to M/s Lockheed Martin Global, Inc. (USA).
|
Defence
|
The following one (01) proposal has been rejected:
|
S. No.
|
Item No
|
Name of the applicant
|
Gist of the proposal
|
Sector
|
|
1
|
5
|
M/s Software is Correct, Inc.
|
Approval has been sought for infusing fresh funds of up to USD 15 million in its wholly owned Indian subsidiary
|
IT/ITES
|
The following one (01) proposal does not lie before FIPB:
|
S. No.
|
Item No
|
Name of the applicant
|
Gist of the proposal
|
Sector
|
|
1
|
3
|
M/s P C Ghadiali and Co LLP
Nexus Flight Operation Services India Pvt. Ltd.
|
P C Ghadiali and Co LLP, a CA firm has been appointed by Mazav Management LLC, USA to apply on their behalf to FIPB for the acquisition of 24% shareholding in Nexus Flight Operation Services India Pvt. Ltd, held by Sovika Aviation Services Private Limited.
|
Ground Handling Services
|
The following one (01) proposal was withdrawn by the applicant:
|
S. No.
|
Item No
|
Name of the applicant
|
Gist of the proposal
|
Sector
|
|
1
|
4
|
M/s SunE Solar B.V.
|
Approval is sought by SunE Solar B.V., a company registered in Netherlands, to set up a LLP in India along with SunEdison Energy India Private Limited and SunEdison Solar Power India Private Limited, both private limited companies incorporated in India.
|
LLP
|
