The government on Tuesday said it has cleared 16 foreign direct investment (FDI) proposals amounting to Rs 923.55 crore, including those of Star News Broadcasting Ltd and L&T Finance Holdings. A total of 38 FDI proposals were taken up by the Foreign Investment Promotion Board (FIPB), but the board deferred a decision on 14 applications, rejected seven and recommended one for the CCEA, the finance ministry said in a statement.
The board gave its approval to Soma Tollways Pvt Ltd (Andhra Pradesh) for induction of foreign equity in an investing company. The proposal is likely to bring in FDI worth Rs 500 crore.
L&T Finance Holdings Ltd’s application for permission for pre-IPO placement of equity shares with eligible non-resident investors was also approved by the FIPB. The firm aims at FDI worth Rs 400 crore.
The board also approved the Star News Broadcasting Ltd’s (Touch Tele Content (I) Ltd) proposal for induction of foreign capital. It would, however, not include any fresh inflow of funds.
The other major proposals that were cleared by the FIPB include those of Global Gourmet (Gujarat), Park Controls & Communications Ltd ( Bangalore) and Centum Electronics Ltd (Bangalore).
The ministry further said the board deferred a decision on applications by Indian Rotorcraft ( Mumbai) for induction of foreign equity and Precision Electronics to undertake the additional activity in the defence sector.
Decisions on the proposals of BNP Paribas S.A. ( Paris), Sightlife USA, Southern CNG Automobiles and Natixis Global Asset Management (France), among others, were also deferred.
The proposals which were rejected include those of Reynders Label Printing India ( Delhi and Haryana), Anuradha Holdings (Bangalore) and AOS Holding India SAS (France).
The official statement said that two proposals — PTC India Financial Services (Delhi, Haryana) and Tata Steel Ltd — were withdrawn from the FIPB Agenda on the request of the applicants.
The proposal, which was recommended to the Cabinet Committee of Economic Affair (CCEA) was of Cals Refineries Ltd (Delhi and Haryana) to issue equity shares in the form of GDRs against supply of refinery equipments. The proposal is likely to bring in FDI worth Rs 1,425 crore.
Foreign direct investments into the country had fallen to USD 19.43 billion (Rs 88,520 crore) in 2010-11 as against USD 25.83 billion (Rs 12.31 lakh crore) in the previous fiscal, a decline of 25 per cent. (PTI)
Following 16 (Sixteen) proposals have been approved.
| Sl. No. | Name of the applicant | Particulars of the proposal | FDI/NRI inflows (` In crore) |
FOOD PROCESSING INDUSTRIES
| 1 | M/s Global Gourmet Pvt. Ltd., Gujarat | Ex-post facto approval for issue of shares on partly paid basis to undertake processing of all kinds of vegetarian foods/ non-vegetarian foods and beverages. | 4.8 |
INFORMATION & BROADCASTING
| 2 | M/s Vogel Business Media India Pvt. Ltd., Mumbai | Induction of FDI up to 100 per cent to carry out the business of publishing/ printing of scientific and technical magazines/ specialty journals/periodicals. | 0.01 |
SHIPPING
| 3 | M/s Oasis Shipping Pvt. Ltd., Mumbai | Ex-post-facto approval for conversion of operating company into operating cum investing company. | Nil |
URBAN DEVELOPMENT
| 4 | M/s Tredegar Film Products India Pvt. Ltd., Mumbai | To allot equity shares in lieu of amount paid by the foreign parent company for purchase of plot prior to incorporation of the Indian WoS. The Indian company is engaged in the manufacturing of non woven laminate films for packaging. | Nil |
INFORMATION & BROADCASTING
| 5 | M/s What’s On India Media Pvt. Ltd. | Induction of foreign equity by way of issue of preference shares to carry out the business of TV channel license for up-linking a non-news and current affairs TV channel. | 0.99 |
| 6 | M/s Star News Broadcasting Ltd. (Touch Tele Content (I) Ltd.) | Ex post facto approval on the advice of RBI. The company is engaged in the business of providing support services to other media companies and to undertake the business of creating owning and distributing non news and current affairs television channels. | No Fresh Inflow |
CHEMICAL & PETROCHEMICALS
| 7 | M/s Vivimed Labs Ltd., Bangalore | Ex-post-facto approval for issue of warrants to undertake manufacturing of organic chemicals and pharmaceuticals. | 3.75 |
DEFENCE PRODUCTION
| 8 | M/s Park Controls & Communications Ltd., Bangalore | Ex-post-facto approval for induction of foreign investment to carry out the defence related activity. | 0.10 |
INFORMATION & BROADCASTING
| 9 | M/s Telephoto Entertainments Ltd.,(Name changed to M/s Picturehouse Media Ltd.) Tamil Nadu | To issue warrants to carry out the business of film and entertainment industry. | 5.00 |
PETROLEUM & NATURAL GAS
| 10 | M/s Selan Exploration Technology Ltd., Delhi | Ex-post-facto approval for issue of warrant to carry out the business of onshore oil and gas production. | 1.81 |
INDUSTRIAL POLICY & PROMOTION
| 11 | M/s Goshi India Auto Parts Pvt. Ltd., Delhi & Haryana | To convert the Suppliers Credit (Machinery Loan) into equity shares to carry out the business of manufacturing and distribution of spare parts. | No Fresh Inflow |
ROAD TRANSPORT & HIGHWAYS
| 12 | M/s Soma Tollways Private Limited, Andhra Pradesh | Induction of foreign investment in an investing company. | 500.00 |
TELECOMMUNICATIONS
| 13 | M/s Mango Holding Limited, Bangladesh | To subscribe to equity shares of an Indian company engaged in the business of manufacturing and Supply of Wireless Equipment by a company from Bangladesh. | 3.33 |
HEAVY INDUSTRY
| 14 | M/s Omega IceHill Pvt. Ltd. | To issue shares for consideration other than inward remittances. | 3.76 |
DEFENCE PRODUCTION
| 15 | M/s Centum Electronics Ltd., Bangalore | To undertake additional activities related to defence sector. | No Fresh Inflow |
INDUSTRIAL POLICY & PROMOTION
| 16 | M/s L&T Finance Holdings Ltd. | Permission for Pre-IPO placement of equity shares with eligible non- resident investors. | 400.00 |
The following 14 (Fourteen) proposals have been deferred:
| Sl. No | Name of the applicant | Particulars of the proposal | |
| 1 | M/s Indian Rotorcraft Ltd., Mumbai | Induction of foreign equity to carry out the business of final assembly of both military and civil versions of helicopters. | |
| 2 | M/s Ashwell Holding Company Pvt. Ltd., Mumbai | Induction of foreign equity to carry out the business of investing company. | |
| 3 | M/s BNP Paribas S.A. Paris | To set up a WoS to act as an investing company. | |
| 4 | M/s SightLife USA | To set up a 100 per cent Charitable Company under Section 25 of the Companies Act. | |
| 5 | M/s Precision Electronics Pvt. Ltd. | To undertake the additional activity in the defence sector. | |
| 6 | M/s Hughes Communications India Ltd. | To make downstream investment to carry out the activity relating to telecom sector. | |
| 7 | M/s ASP Sealing Products Ltd. | Ex post facto approval for transfer of shares from NRI to NR on the advice of RBI. | |
| 8 | M/s NCBG Holdings, Inc., Cayman Islands | Induction of foreign equity in an Indian company to undertake the manufacturing of wiring sets including wiring sets of a kind used in vehicles, aircraft, ships or other machinery used in defence industry. | |
| 9 | M/s Natixis Global Asset Management, France | To invest by way of indirect foreign investment in Pension Fund Subsidiary. | |
| 10 | M/s Pran Beverages (India) Pvt. Ltd., Kolkata | Induction of foreign equity by a company from Bangladesh. | |
| 11 | M/s Checkmate Services Pvt. Ltd., Gujarat | Induction of foreign equity in a company engaged in private security services. | |
| 12 | M/s Southern CNG Automobiles India Pvt. Ltd., Kolkata | Induction of foreign equity in by a company from Bangladesh. | |
| 13 | Mr. M. Rezaul Hassan and Ms. Monnujan Nargis, Bangladesh | Ex post facto approval to set up a WOS to undertake the business of Software development Services by citizens of Bangladesh. | |
| 14 | M/s Interglobe Enterprises Ltd. | To amend Clause 4 of FC approval relating to approval area of activity. | |
The following 7 (Seven) proposals have been rejected:
| Sl. No | Name of the applicant | Particulars of the proposal |
| 1 | M/s Reynders Label Printing India Pvt. Ltd., Delhi & Haryana | To issue Fully and Compulsorily Convertible Bonds against the outstanding amount lying in books as “Advance against Exports’ and “Creditors for capital goods and services- foreign counterpart’ to carry out the business of Printing of labels, booklets, etc. |
| 2 | M/s Status Infin (India) Pvt. Ltd., Hyderabad | Induction of foreign equity in an investing company providing finances to companies engaged in power, infrastructure and emerging sectors in India. |
| 3 | M/s Anuradha Holdings Pvt. Ltd., Bangalore | Transfer of shares by way of share swap to carry out the business of project development, consultancy and management activities. |
| 4 | M/s Assystem India Pvt. Ltd., Bangalore | Conversion of advance for the execution of future project into equity shares to carry out the business of engineering services and application oriented research in various engineering, information and communication technologies primarily in Aerospace, Automotive and Energy. |
| 5 | M/s AOS Holding India S.A.S. France | To set up a JV company to undertake the business of Real estate agents, brokers and managers engaged in renting, buying and selling, managing and appraising real estate on a contract or fee basis. Architectural and engineering and other technical consultancy activities. |
| 6 | M/s Amrit Jal Venture Pvt. Ltd.
|
Transfer of shares by way of swapping equity shares in lieu of acquisition of existing investments of foreign collaborator held in the three SPVs. |
| 7 | M/s I-Velozity India Pvt. Ltd. | To make an amendment in clause 2 of existing FC approval to allow for undertaking additional activities. |
The following 02 (Two) proposals have been withdrawn from the Agenda.
| Sl. No | Name of the applicant |
| 1 | M/s Gebr. Ewald GmbH, Germany |
| 2 | M/s First Apex Software Technologies Pvt. Ltd. |
The following 02 (Two) proposals have been withdrawn from the Agenda on the request of the applicants.
| Sl. No | Name of the applicant |
| 1 | M/s PTC India Financial Services Ltd., Delhi & Haryana |
| 2 | M/s Tata Steel Ltd. |
The following 01 (One) proposal has been recommended for the consideration of CCEA, as the investment involved in the proposal is above Rs. 1200.00 crore.
| Sl. No | Name of the applicant | Particulars of the proposal | FDI/NRI inflows
(` In crore) |
| 1 | M/s Cals Refineries Ltd., Delhi & Haryana | To issue equity shares in the form GDRs against supply of refinery equipment. | 1425.00
(against import of second hand machinery) |
