14 FDI PROPOSALS CLEARED "
Finance Minister, Shri P. Chidambaram has approved 14 Foreign Direct Investment proposals recommended by Foreign Investment Promotion Board (FIPB) in its meeting held on 12th October, 2007. The approval amounts to Rs. 1257.3145 crore. The proposals related to Ministries/Departments, namely, Bio-technology, Commerce, New & Renewable Energy, Industrial Policy & Promotion, Information Technology, Micro, Small & Medium Enterprises, Telecommunications and Economic Affairs. The major investment proposals pertain to the Ministries/Departments of New & Renewable Energy Telecommunications and Economic Affairs.
The details of the proposals approved are as follows:
|
Sl. No. |
Name of the applicant |
Particulars of the proposal |
FDI/NRI inflows (Rs. crore) |
BIO-TECHNOLOGY
|
1 |
M/s. Intas Biopharmaceuticals Ltd, Ahmedabad |
Induction of foreign equity in the company engaged in manufacture of drugs and pharmaceuticals, based on recombinant DNA Technology. |
0.6167 |
COMMERCE
|
2 |
M/s. Bohler International GmbH, Austria |
To set up a WOS to undertake
(i) wholesale cash and carry trading of ores and metals;
(ii) stocking, distribution, cutting, machining and heat treating of special steels and
(iii) wholesale cash and carry of special steels. Proposal attracts Press Note 1 (2005 series) |
11.00 |
NEW & RENEWABLE ENERGY
|
3 |
M/s. Greenko Mauritius |
Conversion of operating company viz., M/s. Balaji Biomass Power (p) Ltd. into operating-cum-holding company to make downstream investments in power projects |
480.00 |
INFORMATION TECHNOLOGY
|
4 |
M/s. Wortal Technologies Pvt. Ltd. Bangalore |
Transfer of shares by way of share swap, for the purpose of acquiring an US based company Wortal Technologies Inc. The company is engaged in design and development of virtual web portal environments and internet presence technologies and applications |
No inflow |
|
5 |
M/s. Russell Square Holding BV, Netherland |
Induction of 100% foreign equity in an Indian company Quasar Media Private Limited engaged in Advertising besides other activities. Proposal attracts Press Note 1 (2005 series) |
0.015 |
MICRO, SMALL & MEDIUM ENTERPRISES
|
6 |
M/s. Eldiar India Pvt. Ltd. Mumbai |
Induction of 97% foreign equity by Eldiar 2 Private Limited, Mauritius and Depa Mauritius Pvt Ltd, in the company proposed to be engaged in the manufacture of items reserved for small scale sector |
58.20 |
ECONOMIC AFFAIRS
|
7 |
M/s. Autoline Industries Limited, Pune |
Transfer of shares by way of share swap for acquiring 51% shares in a US company Detroit Engineered Products Inc. |
No inflow |
|
8 |
M/s. Goldman Sachs Asset Management L.P. USA |
Investment of foreign equity in an asset management company engaged in NBFC activities including but not limited to investment advisory services, asset management services, portfolio management services etc.; and a trustee company for a mutual fund to be registered with SEBI. Proposal attracts Press Note 1 2005 series |
200.00 |
INDUSTRIAL POLICY & PROMOTION
|
9 |
M/s. Siemens VDO Automotive Components Pvt. Ltd. |
Formation of a new company with 100% foreign equity by Siemens AG, Germany by restructuring the activities of existing venture Siemens Limited. The company to be engaged in designing, developing, manufacturing, buy, sale, lease, hire, purchase, distribute, assemble, export, import, repair of automotive components. Proposal attracts Press Note 1 (2005 series) |
0.01 |
|
10 |
M/s. Future Capital Holdings Ltd. |
Induction of additional foreign equity in a holding company through IPO |
6.4228 |
|
11 |
M/s. GFT Technologies (I) Pvt. Ltd. |
Conversion of operating company into an operating-cum-holding company and forming a 100% owned downstream company. Engaged in development of system software's application software and other computer software. |
0.05 |
INFORMATION TECHNOLOGY
|
12 |
M/s. Aricent Technologies (Holding) Ltd. |
Issue of shares by way of merger of two companies - Flextronics and Future Software, as per the scheme approved by High Court. |
No inflow |
TELECOMMUNICATIONS
|
13 |
M/s. Essar Telecommun-ication Holdings Limited, Mauritius |
Induction of foreign equity upto 100% in a company engaged in the activities of infrastructure provider IP-I category |
500.00 |
COMMERCE
|
14 |
M/s. ICD Ltd, Hong Kong |
To set up a WOS to undertake business involving bulk import, installation, testing, maintenance etc. of security systems, under the brand name 'ICD Security Solutions' |
1.00 |
|
|
Total |
|
1257.3145 |
The following 6 (six) proposals have been recommended to be deferred:
|
Sl. No. |
Name of the applicant |
Particulars of the proposal |
|
1 |
M/s. South Asia Multi-Media Technologies Ltd, Mumbai |
Induction of foreign equity in a company engaged in FM Broadcasting services |
|
2 |
M/s. Sical Infra Assets Ltd, Chennai |
Induction of foreign equity upto 26% in investing companies in infrastructure |
|
3 |
M/s. Bonsai International Pvt. Ltd. Mumbai |
Induction of FDI upto 31.67% in an investing company |
|
4 |
M/s. Millennium India Acquisition Company Inc. USA |
Induction of foreign equity in two NBFC companies having subsidiaries engaged in security market as stock broker, distribution of mutual fund units, commodity trading, insurance broking and merchant banking |
|
5 |
M/s. Avens Properties Private Limited, New Delhi |
Induction of FDI in an investing company to make Investments in SEZs and Indl. Parks (including IT Parks), through downstream investments in project companies to carry out the development activity. |
|
6 |
M/s. Jalore properties Private Limited, New Delhi |
Induction of FDI in an investing company to make Investments in SEZs and Indl. Parks (including IT Parks), through downstream investments in project companies to carry out the development activity. |
In the following 1(one) proposal the applicant has been advised to first approach RBI:
|
Sl. No. |
Name of the applicant |
Particulars of the proposal |
|
1 |
M/s. exlService.com (India) Pvt. Ltd. |
Post-facto approval for conversion of operating company into operating-cum-holding company which is engaged in the Internet and voice based customer care operations, transaction processing and software development and to act as a holding company to hold investments in subsidiaries and joint ventures. |
