TMI Blog31 FDI PROPOSALS APPROVEDX X X X Extracts X X X X X X X X Extracts X X X X ..... 31 FDI PROPOSALS APPROVED - News and Press Release Dated:- 29-1-2009 - News - Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on 9th January, 2009, Government has approved 31 Proposals of Foreign Direct Investment amounting to Rs. 1277.23 Crore approximately. The proposals relate to Ministries/Departments, namely, Commerce, Economic Affairs, Telecommunication, Urban Development, Civil Aviation, Industrial Policy Promotion, Post and Information Broadcasting. Details of the proposals approved are as follows: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Sl. No. Name of the applicant Particulars of the proposal FDI/NRI inflows (Rs. In Crore) COMMERCE 1 M/s Paul Hartmann Finance B.V. Netherlands To set up a WOS to undertake wholesale trading. The proposal attracts Press Note 1 of 2005. 1.70 2 M/s Now (Asia) INC. Mauritius To manufacture equipment relating to petroleum sector, wholesale trading to customers only in the Petroleum sector. The proposal attracts Press Note 1 of 2005. 28.00 ECONOMIC AFFAIRS 3 M/s Alcatel Lucent India Ltd., New Delhi Post facto approval for conversion of operating company into an operating cum holding company to make further downstream invest ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment. No Fresh Inflow 4 M/s Ramky Enviro Engineers Ltd., Hyderabad Conversion of operating company into an operating cum holding company to make further downstream investment. 320.00 5 M/s Rama Cylinders Pvt. Ltd., Mumbai To issue and allot fully funded/ paid warrants. 84.03 6 M/s Universal Music India Pvt. Ltd., Mumbai Post facto approval for conversion of operating company into an operating cum holding company to make further downstream investment. 1.20 7 M/s Cambridge Technology Enterprises Ltd., Hyderabad Transfer of shares by way of share swap and issuance of warrants. 0.20 8 M/s Si2 Microsystems Ltd., Bangalore Conversion ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of operating company into an operating cum holding company to make further downstream investment. 62.332 9 M/s Haven Stead Developer Ltd., Chennai Conversion of operating company into an operating cum holding company to make further downstream investment. 25.00 10 M/s Easiprocess Pvt. Ltd., Bangalore Conversion of operating company into an operating cum holding company to make further downstream investment. 2.00 11 M/s Millennium Holdings Ltd., Mauritius Conversion of operating company into an operating cum holding company to make further downstream investment. 14.79 12 M/s CMS Computers Ltd., Mumbai Conversion of operating company into an operating ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cum holding company to make further downstream investment. 190.00 13 M/s Directi Internet Solution Pvt. Ltd., Mumbai Conversion of operating company into an operating cum holding company to make further downstream investment. No Fresh Inflow 14 M/s Bridgestone Corporation, Japan Conversion of operating company into an operating cum holding company to make further downstream investment. The proposal also attracts Press Note 1 of 2005. 33.30 15 M/s Neilsoft Ltd., Pune Transfer of shares by way of share swap. No Fresh Inflow 16 M/s Kaefer Punj Lloyd Ltd., Gurgaon Conversion of operating company into an operating cum holding company to make further dow ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nstream investment. 25.16 TELECOMMUNICATION 17 M/s Bharti Telemedia Limited (No.344/2008-FC.I) Ex-post facto approval for indirect foreign investment in a company engaged in Teleport sector. No Fresh Inflow URBAN DEVELOPMENT 18 M/s Isolux Corsan Indian Engineering Construction Pvt. Ltd., Gurgaon Conversion of operating company into an operating cum holding company to make further downstream investment. 01.0 CIVIL AVIATION 19 M/s Kerns Aero Products Pvt. Ltd. (i) To issue shares against technical know how fee, training and supply of designs and (ii) issue of warrants. 10.00 INDUSTRIAL POLICY PROMOTION 20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... M/s Phillips Electronics India Ltd. Conversion of operating company into an operating cum holding company to make further downstream investment. No Fresh Inflow 21 M/s Morgan Stanley Financial Services Pvt. Ltd. Post facto approval for conversion of operating company into an operating cum holding company to make further downstream investment. 100.00 22 M/s Radha Krishna Hospitality Services Ltd. Post facto approval for conversion of operating company into an operating cum holding company to make further downstream investment. No Fresh Inflow TELECOMMUNICATION 23 M/s Pacific Internet Ltd. To change the shareholding structure. The company is engaged in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... providing internet services. 15.84 24 M/s Onmobile Global Ltd. Transfer of the shares held by the company in favour of their 100% WOS. No Fresh Inflow URBAN DEVELOPMENT 25 M/s Cushman Wakefield India Pvt. Ltd. To delete one of the Clause of the FC approval. No Fresh Inflow COMMERCE 26 M/s ZF Friendrichsafen AG, Germany To set up a new Joint Venture Company for manufacturing and marketing of rubber and rubber-to-metal parts for automotive industry, agriculture and construction machinery, railway and construction application. The proposal attracts Press Note 1 of 2005. 0.005 POST 27 M/s Continental Air Express Pvt. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ltd. Induction of foreign investment in courier services. 0.02 ECONOMIC AFFAIRS 28 M/s Dun Bradstreet Information Services India Pvt. Ltd., Mumbai To make investment of funds from its internal accruals or out of fresh remittances from the overseas company or by way of a combination of internal accruals and fresh remittances from the overseas company for equity participation of a minimum of 51% of the paid up equity share capital and also make further investments. No Fresh Inflow 29 M/s Keystone Realtors Pvt. Ltd., Mumbai Conversion of operating company into an operating cum holding company to make further downstream investment. 300.00 INFORMATION BROADCASTING ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 30 M/s South Asian Regional Investments Singapore Pte Ltd., (2) M/s South Asian Regional Investment Singapore II Pte Ltd., Singapore Sale and transfer of shares from resident shareholders to non-resident for owning and operating a language channel. The proposal also attracts Press Note 1 of 2005. 60.00 31 M/s Dow Jones Company Inc., USA To make a WoS to carry out the publishing of facsimile editions of newspapers. 2.16 The following 17 proposals have been deferred: Sl. No Name of the applicant Particulars of the proposal 1 The Bank of Nova Scotia, Canada To set up a WOS to undertake wholesale trading and hedging in pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ecious metals etc. 2 M/s DNATA, UAE To set up a JV company to provide ground handling services for both domestic and international operators as well as cargo handling and related services. 3 M/s Dynamatic Technologies Ltd., Bangalore Ex-post facto approval for engaging in the business of defense and strategic industries. 4 M/s Indtech Construction Pvt. Ltd., New Delhi Transfer of rights attached with warrants exercisable into equity shares. 5 M/s Sanlam Investment Management (Pty) Ltd., South Africa Issue of warrants and conversion of operating company into an operating cum holding company to make further downstream investment. One of the downstream subsidiaries is eng ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aged in the commodity broking. 6 M/s Logix Microsystems Ltd., Bangalore Transfer of shares by way of share swap. 7 M/s ABG Bulk Handling Pvt. Ltd., Mumbai Conversion of operating company into an operating cum holding company to make further downstream investment. 8 M/s Noida Softwares Technology Park Ltd. Post facto approval for conversion of operating company into an operating cum holding company to make further downstream investment. 9 M/s Mahindra Forgings Ltd. Transfer of shares from a resident to a non-resident on a Stock Exchange. 10 M/s ABG Kandla Container Terminal Ltd. Post facto approval for conversion of operating company into an operating ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cum holding company to make further downstream investment. 11 M/s ELbee Express Pvt. Ltd. To issue and allot Cumulative Compulsory Convertible Preference shares. The company is engaged in the business of providing courier and logistics services. 12 M/s Chorus Call Conferencing Services India Pvt. Ltd. To increase the FDI from existing 51% to 74% of the paid up capital of the company in telecom sector. 13 M/s World Space (I) Pvt. Ltd. To provide/undertake the activities of web based services. 14 M/s Genworth Financial Inc, USA Amendment in the existing FIPB approval. 15 M/s High Mark Credit Information Services Pvt. Ltd., Mumbai To issue and allot up t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o 10% of the issued share capital. 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 M/s JT International Mauritius Pvt. Ltd To increase in foreign shareholding from 50% to 74%. The following 4 proposal has been rejected: Sl. No Name of the applicant Particulars of the proposal 1 M/s RBS Credit and Financial Development Pvt. Ltd., Kolkata Conversion of operating company into an operating cum holding company to make further downstream investment. 2 M/s Vatika Limited, New Delhi To retain the completed non FDI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... compliant projects/ assets and to exercise the option to retain the incomplete non-FDI complaint projects/ assets, post the infusion of FDI from various sources. 3 M/s GSR Sugars Pvt. Ltd., Hyderabad To issue "share option" convertible into equity shares. 4 M/s Meta Telecom Pvt. Ltd. Increase in Foreign equity from 40% to 73.45% in a company engaged in ILD and NLD Services. The following three proposals have been recommended for the consideration of CCEA, as the investment involved in the proposals is above Rs. 600.00 Crore. Sl. No Name of the applicant Particulars of the proposal FDI/NRI inflows (Rs. In Crore) 1 M/s Orange Realty Pvt. Ltd., ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... New Delhi Conversion of operating company into an operating cum holding company to make further downstream investment. 2051.00 2 M/s NTT Docomo Inc., Japan Post facto approval for conversion of operating company into an operating cum holding company to make further downstream investment. 12924.00 3 M/s NTT Docomo Inc., Japan $ Post facto approval for conversion of operating company into an operating cum holding company to make further downstream investment. 949.07 $ The Proposal will be placed before CCEA only after receipt of security clearance from MHA. The following 1 (One) proposal has been withdrawn by the applicant . Sl. No Name ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the applicant Particulars of the proposal 1 M/s. EZY Infosoft Private Limited, Chandigarh Conversion of operating company into an operating cum holding company, transfer of shares by way of share swap. Proposal also attracts Press Note 1 of 2005. ****** BSC/BY/GN-20/09 - 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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