TMI Blog17 FDI Proposals ApprovedX X X X Extracts X X X X X X X X Extracts X X X X ..... 17 FDI Proposals Approved - News and Press Release Dated:- 5-9-2008 - News - Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on 26 th August, 2008, Finance Minister, Shri P. Chidambaram has approved 17 Proposals of Foreign Direct Investment amounting to Rs. 1844.32 Crore approximately. The proposals relate to Ministries/Departments, namely, Chemical Petrochemicals, Commerce, Economic Affairs, Industrial Policy Promotion, Information Broadcasting, Power, Urban Development, Information Technology, and Telecommunication. Details of Proposals approved are as follows:- Sl . No. Name of the applicant Particulars of the proposal FDI/NRI inf ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lows (Rs. In Crore) CHEMICAL PETROCHEMICALS 1 M/s Biotor Industries Ltd., Mumbai Conversion of operating company into an operating cum holding company to make downstream investment. 240.00 COMMERCE 2 M/s Euchner Industie Beteiligungen Gmbh., Germany To set up a WOS to carry out the wholesale trade in electronic equipment and accessories. Proposal attracts Press Note 1 of 2005. 1.75 3 M/s Aran Kitchenworld India Pvt. Ltd. To acquire 49% equity to set up stores for single brand retail trading. 2.45 4 M/s Celio International Belgium To acquire 50.01% equity for retail trading of products under the single brand. 12.00 ECONO ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... MIC AFFAIRS 5 M/s Marigold International Pvt. Ltd., Mumbai Conversion of operating company into an operating cum holding company to make downstream investment. 0.04 6 M/s JRG Securities Ltd., Kerala Issuance of warrants to be converted into equity shares. 57.59 7 M/s Velley Energy Investment Holdings (Mauritius) Ltd., Mauritius Induction of FDI by way of transfer of equity shares. The company is engaged in commodity broking. No Fresh Inflow INFORMATION BROADCASTING 8 M/s IBN Lokmat News Pvt. Ltd., New Delhi To induct foreign investment (direct or indirect) up to 13% of the issued, subscribed and paid up share capital including present indi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rect foreign holding in the company by reason of foreign investments as well as future foreign holding. No Fresh Inflow 9 M/s BBCW Channels Pvt. Ltd., Mumbai To undertake downlinking and distribution of television channels in India. No Fresh Inflow POWER 10 M/s Athena Infraprojects Pvt. Ltd., New Delhi Induction of foreign equity up to 49% in an investing company in infrastructure sector. 220.00 URBAN DEVELOPMENT 11 M/s Ramky Infrastructure Ltd., Hyderabad Post facto approval for conversion of operating company into an operating cum holding company to make downstream investment. 400.00 ECONOMIC AFFAIRS 12 M/s Unistock Pvt. Lt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d (i) To take note of amalgamation, (ii) conversion of operating company into an operating cum holding company, and (iii) swap of shares. No Fresh Inflow INFORMATION BROADCASTING 13 M/s BBC Worldwide (India) Pvt. Ltd To make an amendment in the existing approval letter for inclusion of the term "downlinking". No Fresh Inflow ECONOMIC AFFAIRS 14 M/s SG Securities (Singapore) Pte. Ltd., Singapore To invest in/acquire 35% equity shares to carry on the activities of Custodial Services. Proposal attracts Press Note 1 of 2005. 28.00 15 M/s VLCC Health Care Ltd., Delhi Conversion of Share Warrants into equity shares and redemption of Preference shares ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 84.15 TELECOMMUNICATION 16 M/s Broadband Pacenet (India) Pvt. Ltd., Mumbai Induction of foreign equity by way of subscribing to or acquisition of shares up to 74% equity of the company. 17.336 17 M/s Quippo Telecom Infrastructure Ltd. To increase foreign equity from 65.63% to 82.55% in Telecom Sector. 781.00 The following 9 (Nine) proposals have been deferred : Sl . No Name of the applicant Particulars of the proposal 1 M/s Universal Biofuels Pvt. Ltd., Hyderabad (i) To incorporate and make downstream investment in subsidiaries, and (ii) to issue and allot equity shares to eligible Non-Resident Investors through par ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ticipation in the IPO, and/or in the form of any Pre-IPO Placement and for any preferential issue of equity shares that may be issued by the company at a future date. 2 M/s Krishnapatnam Port Co. Ltd., Hyderabad Post-facto approval for the FDI already brought in under automatic route, which otherwise requires FIPB approval and to make downstream investments in companies and/ or to establish subsidiaries in future. 3 M/s Tata Investment Corporation Ltd., Mumbai To issue Zero Coupon Convertible Bonds (ZCCB) with detachable warrants to the equity shareholders of the company, on a rights basis, which includes person resident outside India. 4 M/s RISH PTE Ltd., Cock Islands Post-facto approva ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l for the FDI already brought in under automatic route, which otherwise requires FIPB approval. 5 M/s RISH PTE Ltd., Cock Islands Post-facto approval for the FDI already brought in under automatic route, which otherwise requires FIPB approval. 6 M/s Inunit U.S. Holdings Inc. USA To acquire equity share capital through multiple stock market transactions. 7 M/s Ralf Schneider Holding Gmbh, Germany To set up a WOS. Proposal attracts Press Note 1 of 2005. 8 M/s Asia Motorworks Holdings Ltd., Mumbai Induction of foreign equity by way of subscribing to fully and compulsorily convertible debentures and conversion of operating company into an operating cum holding company. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9 M/s ABN-AMRO Securities (India) Pvt. Ltd. To enlarge the services by offering value added financial services (non fund based) to their clients (both individual and institutional) The following one (1) proposal has been rejected: Sl . No Name of the applicant Particulars of the proposal 1 M/s Elken International (I) Pvt. Ltd. To undertake cash and carry wholesale trading for the activities for which approval for test marketing was already obtained The proposal of M/s Best Auto Ltd., New Delhi has been advised to access auto route. The proposals of M/s Aditya Birla Telecom Ltd., and M/s Daiichi Sankyo Company Ltd., Japan have been recomme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nded for the consideration of CCEA, as the investment involved in the proposal is above Rs. 600.00 Crore. ******* BSC/SS/GN-218/08 - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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