Finance Minister, Shri P. Chidambaram has approved 16 Foreign Direct Investment proposals recommended by Foreign Investment Promotion Board (FIPB) in its meeting held on 30th November, 2007. The approval amounts to Rs. 647.47 crore. The proposals are related to Ministries/Departments, namely, Commerce, Heavy Industry, Industrial Policy & Promotion, Information & Broadcasting, Posts, Power, Road Transport & Highways, and Economic Affairs. The major investment proposals pertain to the Ministries/Departments of Commerce, Heavy Industry, Information & Broadcasting, Power, Road Transport & Highways and Economic Affairs.
The details of the proposals approved are as follows:
Following 16 (sixteen) cases have been recommended for the consideration and approval of FM.
|
Sl. No. |
Name of the applicant |
Particulars of the proposal |
FDI/NRI inflows (Rs. In crore) |
POSTS
|
1 |
M/s. ACI Logistics Private Limited, Mumbai |
Induction of foreign equity in a company engaged in courier services |
0.28 |
HEAVY INDUSTRY
|
2 |
M/s. Continental AG, Germany |
To set up a new Joint venture company to undertake manufacture of hydraulic brake systems for passenger cars and light-trucks. Proposal attracts Press Note 1/05 |
55.00 |
INFORMATION & BROADCASTING
|
3 |
M/s. International Association of Plumbing and Mechanical Officials, USA |
Setting up a WOS to undertake the activities of developing and publishing specialty journals in relation to plumbing, drinking water and sanitation systems |
0.01 |
INDUSTRIAL POLICY & PROMOTION
|
4 |
M/s. Biolandes Natural Extracts Private Limited, Madurai |
Undertaking manufacture of floral and/or natural extracts / essential oils with 100% foreign equity, activity reserved for small scale sector |
4.4 |
POWER
|
5 |
M/s. W. Lucy & Co., |
To set up a WOS to undertake manufacture of electricity distribution and control equipment for export. Proposal attracts Press Note 1 (2005 series) |
64.00 |
ROAD TRANSPORT & HIGHWAYS
|
6 |
M/s. HIPE Transport Ventures Private Limited, Bangalore |
Induction of FDI in an investing/holding company engaged to develop ventures relating to infrastructure like development of ports, transportation and logistics. |
88.00 |
ECONOMIC AFFAIRS
|
7 |
M/s. Cookson Group Plc. UK |
Acquisition of shares upto 20% by way of open offer in Foseco India, engaged in manufacturing, marketing and trading of foundry chemicals and foundry fluxes for the metallurgical industry, including the steel and foundry industry. Proposal attracts PN 1/05 on account of worldwide acquisition of Foseco Plc by Cookson Group. |
1.28 |
COMMERCE
|
8 |
M/s. Worldspace (I) Pvt. Ltd. |
To undertake additional activities of trading of satellite radio receivers to registered business/ institutions |
No fresh inflow |
INFORMATION & BROADCASTING
|
9 |
M/s. Cliffrose Investment Ltd. |
Acquisition of status of operating cum holding company with downstream investment in company engaged in FM Radio |
No fresh inflow |
ECONOMIC AFFAIRS
|
10 |
M/s. Aaavishkaar India Micro Venture Capital Fund |
Induction of foreign equity in SEBI registered VCF against Issue of units for making investments in micro, small and medium enterprises |
100.00 |
INDUSTRIAL POLICY & PROMOTION
|
11 |
M/s. Manipal Universal Learning Pvt. Ltd. |
Ex-post-facto approval for conversion of foreign owned operating company into a holding company subject to compounding by RBI for violation in the intervening period. |
No fresh inflow |
COMMERCE
|
12 |
M/s. Dolce & Gabbana, Italy |
To set up a Joint venture company, in partnership with DLF group with 51% foreign equity to undertake the business of single brand retail trading of all kinds of fashion and lifestyle products under the brand name "Dolce & Gabbana" and "DG Dolce & Gabbana" |
36.50 |
INFORMATION & BROADCASTING
|
13 |
M/s. South Asia Multi-Media Technologies Ltd, Mauritius |
Induction of foreign equity of upto 6.98% in South Asia FM Limited, a company engaged in FM Broadcasting services |
25.00 |
|
14 |
M/s. Grupo Omnilife S.A. de C.V. Mexico. |
To establish a WOS to undertake test marketing and manufacture, sell and distribute its proprietary nutritional food supplements and cosmetic products through its WOS in India |
86.00 |
ECONOMIC AFFAIRS
|
15 |
M/s. Sistema Joint Stock Financial Corporation, Russia |
Increase of FDI from 10% upto 74% in Shyam Telelink Limited, a company engaged in telecom services under UAS License |
187.00 |
|
16 |
M/s. Bureau Veritas International S.A. (France) |
Transfer of shares from non-resident to another non-resident, as a result of worldwide acquisition. Proposal attracts Press Note 1 (2005 series) |
No fresh inflow |
Total Rs. 647.47 Crore
2. The following 10 (ten) proposals have been recommended to be deferred:
|
Sl.No |
Name of the applicant |
Particulars of the proposal |
|
1 |
M/s. MAHLE GmbH, Germany |
To set up a wholly owned investment/ holding company |
|
2 |
M/s. Hero Management Service Ltd., Gurgaon |
Transfer of shares of the Indian parent company by way of share swap with the shares of the UK subsidiary |
|
3 |
M/s. Al Khaleej Sugar Co. (LLC) Dubai |
Deletion of the prohibition on domestic trading and condition of 'grain to grain' basis import trading from the existing approval |
|
4 |
M/s. Global Assets Holding Corporation Private Limited, Mumbai |
FDI in a holding company having subsidiaries in the Telecom Sector |
|
5 |
M/s. Bycell Telecommunications |
To undertake activities of offering GSM based cellular telephone services under UAS License agreement all over India, and increase in paid up capital of the company |
|
6 |
M/s. Transcend Infrastructure Limited, Kolkata |
Induction of foreign equity upto 50% in a company engaged in the activities of IP-I category services. Proposal also attracts Press Note 1 of 2005 series |
|
7 |
M/s. B.A.G Films and Media Ltd, Noida |
Induction of foreign investment in a holding company having downstream investment in the companies to be engaged in up-linking news channels, non-news channels and FM Radio |
|
8 |
M/s. B.A.G. Films & Media Limited, Noida |
Induction of foreign equity by way of issue of Foreign Currency Convertible Bonds (FCCBs) in a holding company having downstream investment in the companies to be engaged in up-linking news channels, non-news channels and FM Radio |
|
9 |
M/s. Media Transasia India Ltd. |
Conversion of operating company into operating cum holding company, for downstream investment in publication of specialty magazine. |
|
10 |
M/s. Blackstone FP Capital Partners (Mauritius) V Ltd, Mauritius |
Investment of uto 26% in Ushodaya Enterprises Limited, a company engaged in Publication of magazines/ newspapers, broadcasting and food processing |
3. The following 2 (two) proposals have been withdrawn from the agenda:
|
Sl. No |
Name of the applicant |
Particulars of the proposal |
|
1 |
M/s. RISH Pte. Ltd. Cook Islands |
Transfer of shares from erstwhile OCB to Non-resident |
|
2 |
M/s. RISH Pte. Ltd. Cook Islands |
Transfer of shares from erstwhile OCB to Non-resident |
4. In the following 1 (one) proposal, the applicant has been advised to access automatic route:
|
Sl. No |
Name of the applicant |
Particulars of the proposal |
|
1 |
M/s. B.R. Spinners Pvt. Ltd. Ludhiana |
To undertake additional activities like polythene waste and CDS, DVDs etc. which are reserved SSI items |
