Sponsored
Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on December 31, 2011, Government has approved 19 Proposals of Foreign Direct Investment amounting to `Rs. 4340.77 crore approximately, including that of Tata Steel and Future Ventures. The Foreign Investment Promotion Board (FIPB) headed by Finance Secretary Ashok Chawla, which met on December 31, however deferred decision on 16 FDI proposals, including Reliance Broadcast Network and Essar Capital Holding.
The Board also rejected two proposals, including that of B4U Television Network for induction of foreign equity to carry out business of up-linking a non-news and current affairs TV channel.
The FIPB cleared the Tata Steels Rs 1,100 crore proposal for issue of warrants as part of its fund mobilisation plan, a Finance Ministry statement said.
The board that offers a single window clearance for proposals on FDI, also approved Mumbai-based Future Ventures India Ltd request to allot shares worth Rs 300 crore to FIIs and NRIs under portfolio investment scheme.
Details of Proposals considered in the Foreign Investment Promotion Board (FIPB) Meeting held on 31.12.2010.
Following 19 (Nineteen) proposals have been approved.
| Sr. No. | Name of the applicant | Particulars of the proposal | FDI/NRI inflows (Rs. in crore) |
CORPORATE AFFAIRS
| 1 | M/s Responsive Industries Ltd., Mumbai | To issue warrants to carry out the business of manufacturing PVC products such as PVC leather cloth, vinyl floorings, rigid blister films and soft sheeting. | 1.75 |
DEFENCE PRODUCTION
| 2 | M/s EADS Deutschland GmbH and M/s LARSEN & TOUBRO Ltd. Mumbai | Induction of foreign equity upto 26 per cent to carry out the business of manufacturing, distributing and marketing of products in the market segments of electronic warfare, military avionics, mobile systems (defence related) and radars. | 7.8 |
ECONOMIC AFFAIRS
| 3 | M/s Future Ventures India Limited, Mumbai | Induction of foreign equity in investing company by way of issue and allotment of equity shares in the IPO of the company to FIIs and NRIs under the Portfolio Investment Scheme (PIS). | 300.00 |
| 4 | M/s Standard Chartered Bank (Mauritius) Limited, Mauritius | To acquire equity shares of an India company which will undertake additional business of operating a stock exchange and specifically trade in currency and interest rate futures. | 4.50 |
| 5 | M/s TSW Holding GmbH, Austria | To set up a WOS to act as an investing company. | 0.01 |
FINANCIAL SERVICES
| 6 | The Karur Vysya Bank Ltd., Karur | To issue partly paid up shares. | 107.50 |
HEAVY INDUSTRY
| 7 | M/s Yorozu Corporation, Japan | To set up a JV Company to undertake the business of manufacture of chassis, suspension parts and other automotive parts. The proposal attracts para 4.2.2.2 of Circular No. 2 of 2010 of the Consolidated FDI Policy. | 140.00 |
INFORMATION & BROADCASTING
| 8 | M/s A&E Television Networks, LLC, New York, USA | To subscribe to the equity shares of an Indian company engaged in up-linking and down-linking of Non-News and Current Affairs Channels in India. | 22.50 |
POST
| 9 | M/s Federal Express Europe Inc, USA | To set up a WOS to undertake the business of Courier, Express Transportation, Logistics and Warehousing Services. | 607.00 |
STEEL
| 10 | M/s JFE Shoji Trade Corporation, Japan | To subscribe to the shares of an Indian company engaged in the business of manufacturing of various types of steel products. The proposal attracts para 4.2.2.2 of Circular No. 2 of 2010 of the Consolidated FDI Policy. | 38.39
(USD 8,577,919) |
| 11 | M/s Tata Steel Limited, Mumbai | To issue warrants as part of fund mobilization plan. | 1100.00 |
INDUSTRIAL POLICY & PROMOTION
| 12 | M/s Ennore Automotive Logistics Limited | To make amendment in the FC approval to bring in new foreign investor in an Investing Company. | 0.39 |
DEFENCE PRODUCTION
| 13 | M/s Lakshmi Machine Works Ltd., Tamil Nadu | To undertake new activities of manufacture parts, components and accessories for aircraft and spacecraft to be supplied to civil and defence sectors. | No Fresh Inflow |
MINES
| 14 | M/s Hindalco Industries Ltd., Mumbai | Ex-post-facto approval for issuance of partly paid up shares as part of Rights Issue. | 508.63 (already brought) |
TELECOMMUNICATIONS
| 15 | M/s Wireless Business Services Pvt. Ltd., Mumbai | Induction of foreign equity to carry out the business of internet and broadband services. | 371.12 |
| 16 | M/s Wireless Broadband Business Services (Haryana) Pvt. Ltd., Delhi | Induction of foreign equity to carry out the business of internet and broadband services. | 20.36 |
| 17 | M/s Wireless Broadband Business Services (Delhi) Pvt. Ltd., Delhi | Induction of foreign equity to carry out the business of internet and broadband services. | 362.78 |
| 18 | M/s Wireless Broadband Business Services (Kerala) Pvt. Ltd., Delhi | Induction of foreign equity to carry out the business of internet and broadband services. | 42.64 |
ECONOMIC AFFAIRS
| 19 | M/s Falcon Tyres Ltd., Karnataka | Induction of foreign equity by way of issue partly paid up shares. | 705.40 |
The following 16 (Sixteen) proposals have been deferred:
| Sr. No | Name of the applicant | Particulars of the proposal | |
| 1 | M/s Aim Star Network Enterprise Pvt. Ltd., Mumbai | Induction of foreign equity upto 100 per cent to undertake the activities of trading of items sourced from Medium & Small Scale sector. | |
| 2 | M/s Rhodia S.A., France | To set up a WOS to undertake the activities relating to manufacturing chemicals relating to polyamide meant for engineering plastics and silica. The proposal attracts para 4.2.2.2 of Circular No. 2 of 2010 of the Consolidated FDI Policy. | |
| 3 | M/s Rahimafrooz Batteries Ltd., Bangladesh | To set up a WOS to undertake import and wholesale distribution of batteries and providing after sales services in India by a company from Bangladesh. | |
| 4 | M/s Maini Precision Products Pvt. Ltd., Bangalore | To undertake defence related additional activities of manufacture of parts and accessories of aircrafts, spacecrafts. | |
| 5 | M/s Kantilal Chhaganlal Securities Pvt. Ltd., Mumbai | Ex-post-facto approval for issuance of warrants to carry out the business of Stock broking activities in cash, futures and options segment. | |
| 6 | M/s Dhunseri Investments Ltd., Kolkata | To issue and allot equity shares to the non-resident shareholder consequent upon demerger. | |
| 7 | M/s Netmagic Solutions Pvt. Ltd., Mumbai | To increase foreign equity from 49 per cent to 74 per cent to carry out the business of ISP with gateways. | |
| 8 | 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. | |
| 9 | M/s Augere Wireless Broadband India Pvt. Ltd., Delhi | To increase foreign equity from 49 per cent to 74 per cent to carry out the business of Broadband wireless services, internet services and other telecommunication related services. | |
| 10 | M/s ABG Shipyard Ltd., Mumbai | To enter into Defence Contracts | |
| 11 | M/s Jubilant Aeronautics Pvt. Ltd. (JAPL), Delhi | Induction of foreign equity to carry out the manufacturing of different types of Unmanned Aerial Systems (UAS) and accessories. | |
| 12 | M/s Verizon Communications India Pvt. Ltd. | Transfer of equity shares from non-resident shareholder to non-resident group in Telecom Sector. | |
| 13 | M/s Pran Beverages (India) Pvt. Ltd., Kolkata | Induction of foreign equity by a company from Bangladesh. | |
| 14 | M/s Checkmate Services Pvt. Ltd., Gujarat | Induction of foreign equity in a company engaged in private security services. | |
| 15 | M/s Reliance Broadcast Network Ltd., Mumbai | Induction of foreign investment by FIIs, NRIs by way of fresh allotment of shares by private placement or otherwise and/or investments through Stock Exchanges by way of portfolio investments, upto the limit of 20% of the total aid up capital of the company. The company is engaged in FM Radio Broadcasting. | |
| 16 | M/s Essar Capital Holdings (India) Ltd., Mumbai | Acquisition of equity shares by way of subscription to new equity shares and/or purchase of existing equity shares in an investing company engaged in the telecom sector. | |
The following 2 (Two) proposals have been rejected:
| Sl. No | Name of the applicant | Particulars of the proposal | |
| 1 | Mr. Jaishankar Ramchandran and Nicholls Steyn & Associates (Pty) Ltd., South Africa | Induction of foreign equity to carry out the business of Private Security Agency. | |
| 2 | M/s B4U Television Network (India) Pvt. Ltd. | Induction of foreign equity by an erstwhile OCB to carry out the business of up-linking a non-news and current affairs TV channel. | |
The following 1 (One) proposal has been withdrawn from the agenda:
| Sr. No | Name of the applicant | Reasons |
| 1 | M/s Forbo Holding AG, Lindenstrasse, Switzerland | This proposal attracts para 4.2.2.2 of Circular No. 2 of 2010 of the Consolidated FDI Policy. Applicant’s contention regarding termination of agreement is contested by Indian partner. |
Sponsored
Kindly Refer to
Privacy Policy &
Complete Terms of Use and Disclaimer.
