Government Approves Ten (10) Proposals of Foreign Direct Investment (FDI) Amounting to Rs. 607 Crore Approximately
Government Approves Ten (10) Proposals
of Foreign Direct Investment (FDI) Amounting to Rs. 607 Crore Approximately;
Recommends One Proposal for Approval of CCEA Involving FDI of Rs. 5856.51
Crore.
Based on the recommendations of Foreign Investment Promotion Board in its 231st meeting
held on 22nd January 2016, the Government has approved ten FDI
proposals involving FDI of Rs. 607 crore, and recommended one proposal for
approval of CCEA involving FDI of Rs. 5856.51 crore.
The following ten (10) proposals have been
approved:
|
S. No.
|
Item No
|
Name of the applicant
|
Gist of the proposal
|
Sector
|
FDI (in Rs. Crore)
|
|
1
|
2
|
M/s Atria Convergence Technologies Private
Limited
|
Approval has been sought for transfer of its
shares from existing non-resident shareholders to Argan (Mauritius) Limited
and TA FVCI Investors Limited.
|
Telecom
|
Nil
|
|
2
|
4
|
M/s Glenmark Pharmaceuticals Limited,
|
Approval has been sought for allotment of 1,03,000
equity Shares which is 0.03 % of the Paid up share Capital of the Company,
to the employees (foreign nationals) on exercise of stock options by them.
|
Pharma
|
3.34
|
|
3
|
6
|
M/s Euronet Services India Pvt. Ltd, Bangalore
|
Approval has been sought to act as the Bharat
Bill Payment System Operating Unit (BBPOU) in accordance with the Circular
issued by RBI dated October 20, 2015
|
NBFC
|
nil
|
|
4
|
7
|
M/s Emcure Pharmaceuticals Limited
|
Approval has been sought for the issuance
of additional ESOPs to four non-resident employees to the extent of 0.28%.
|
Pharma
|
57.4
|
|
5
|
8
|
M/s AvH Resources India Pvt. Ltd.
|
Approval has been sought by a WoS of M/s
Ackermans and Van Haaren NV, Belgium, for conversion of their activity from
a management consulting and investing company to a Core Investment Company.
|
CIC
|
Nil
|
|
6
|
9
|
M/s Cipla Limited
|
Approval has been sought for: - Initial
investment of Rs. 128.96 crores from FIL Capital Investments (Mauritius) II
Limited in M/s Cipla Healthcare Limited (a WoS of Cipla Limited), by way of
subscription to fresh equity shares and CCPS up to a maximum of 26.11% of
the share capital of Cipla Healthcare limited. Subsequent Investment of upto
Rs. 16.26 crores by FIL Capital Investments (Mauritius) II Limited in
subsequent rounds of Investment in a public limited company (i.e. Cipla
Health Limited) post the closing of the Initial Investment.
|
Pharma
|
145.22
|
|
7
|
15
|
M/s Alstom Manufacturing India Limited
|
(i) M/s
Alstom ManufacturingIndia Limited has sought an
approval to only hold equity and arrange finance for its downstream
investment company M/s Madhepura SPV for the period from
20.11.2015 to 01.07.2017.
(ii)
Thereafter, no FIPB approval is warranted for the period after which M/s
Alstom Manufacturing India Limited will be only an investing company and
will begin operations (Railway Infrastructure).
|
Railway Infrastructure
|
400
|
|
8
|
17
|
M/s Capricorn Ventures Limited
|
M/s Capricorn Ventures Limited has sought
approval, for the issuance of shares to the shareholders of Max India
pursuant to a demerger of Max India Limited whereby which each shareholder
of Max India would be issued shares in the company in the ratio of 5:1 and
M/s Capricorn would become the holding company of Max Specialities Films
Ltd.
|
Health, Clinical research and allied activities.
|
Nil
|
|
9
|
24
|
DEN Networks Limited
|
Den Networks Limited vide approval
letter dated 14.08.2015, was granted approval for investment from
FIIs/NRIs/FPIs upto 74% in the company. The company has now sought for
allowing foreign investment in the company by way of issue of shares or
underlying securities like QIIs/ADRs/GDRs/FCCBs and other permitted
securities within the same approved foreign investment limit.,
|
Telecom
|
Nil
|
|
10
|
26
|
M/s Celestis Pharmaceuticals Pvt Ltd
|
Approval for transferring its 51%
shares to M/s Abhaya Investments Limited, UK by way of transfer
of 32,354 fully paid equity from its existing shareholders (Resident Indian)
and by subscribing 38,053 fresh shares of the Company.
|
Pharma
|
1.06
|
The following one (01) proposal has been recommended for approval by the
Cabinet Committee on Economic Affairs (CCEA) under para 5.2.2 of the FDI Policy
2015:
|
S. No
|
Item No
|
Name of the applicant
|
Gist of the proposal
|
Sector
|
FDI (in Rs. Crore)
|
|
|
|
|
|
|
|
|
1
|
1
|
M/s ATC Asia Pacific Pte. Ltd
|
Approval has been sought for acquisition of
51% of the shareholding of M/s Viom Networks Limited by M/s ATC Asia Pacific
Pte. Ltd. (ATC Singapore) by way of transfer from existing shareholders.
|
Telecom (IP-I)
|
Rs.5856.51
|
The following eight (08) proposals have
been deferred:
|
S. No.
|
Item No
|
Name of the applicant
|
Gist of the proposal
|
Sector
|
|
1
|
11
|
ICICI Lombard General Insurance
Company Limited, Mumbai
|
Approval has been sought to sell
40,270,010 fully paid up equity shares equivalent to 9% of the share capital
of the Company (“Sale shares”) to FAL Corporation, an indirect wholly owned
subsidiary of Fairfax, for an aggregate consideration of INR 1550.2 Cr.
|
Insurance
|
|
2
|
12
|
M/s Almondz Insurance Brokers
Private Limited
|
Approval for the proposed transfer
of 49% of its shareholding to M/s Willis Europe B.V. currently held by
resident shareholders.
|
Insurance
|
|
3
|
14
|
ICICI Prudential Life Insurance
Company Limited, Mumbai
|
Approval for transfer of 2% of its
shares currently held by ICICI Bank Limited (ICICI) to Compassvale
Investments Pte. Ltd (Compassvale), a foreign entity and 4% shares to Hasham
Traders, a resident Indian entity.
|
Insurance
|
|
4
|
16
|
M/s Taurus Ventures Limited
|
M/s Taurus Ventures Limited has
sought approval, for the issuance of shares to the shareholders of Max India
pursuant to a demerger of Max India Limited whereby which each shareholder
of Max India would be issued shares in the company in the ratio of 1:1 and
M/s Taurus would become the holding company of Max Healthcare and Max Bupa.
|
Insurance, Health and Allied Activities
|
|
5
|
19
|
M/s Jasper Infotech Private Limited
|
Approval for making downstream
investment in M/s Macro Commerce Private Limited by purchasing 50% stake in
the company from M/s Den networks Limited, its existing holding company
|
E-Commerce
|
|
6
|
21
|
One97 Communications Limited
|
Approval to operate as a Bharat Bill
Payment Operating Unit (BBPOU) pursuant to the implementation of Bharat Bill
Payment System (BBPS) Guidelines dated 28.11.2014 issued by the RBI.
|
E-Commerce
|
|
7
|
22
|
M/s Reckitt Benckiser (India)
Limited.
|
M/s Reckitt Benckiser (India)
Limited, a WOS of the Reckitt group, proposes to acquire 25.028% paid up
share capital of M/s Reckitt Benckiser Healthcare India Limited from its
current foreign investor viz. M/s Reckitt Benckiser (Singapore) Pte. Ltd.,
Singapore
|
Pharma
|
|
8
|
25
|
M/s Athena Chhattisgarh Power
Limited
|
Approval has been sought for
conversion of US $ 30 million of outstanding retention money into equity
against supply of Boiler, Turbine, Generator equipment package by M/s
Dongfang Electric Corporation Limited (DECL), China.
|
Power project
|
The following five (05) proposals have
been rejected:
|
S. No.
|
Item No
|
Name of the applicant
|
Gist of the proposal
|
Sector
|
|
1
|
3
|
M/s Ashdene Investments Limited, Gibraltar
|
Approval has been sought for the previously
granted post facto approval to not be conditional upon the compounding by
RBI. It is requested to be amended so as to confer the power to decide
whether the contravention requires compounding or not on the RBI and allow
the Applicants to make a case before them for condoning of the contravention
of FEMA as a minor offence.
|
Tea Plantation
|
|
2
|
5
|
Veritas (India) Limited, Mumbai
|
Post facto approval for the issuance of 4,
00,000 warrants convertible into equity shares for an aggregate
consideration of INR 50 Crore.
|
Trading
|
|
3
|
10
|
M/s KDK Softwares (India) Private Limited
|
Approval/clarification for being engaged in the
activity of facilitating the subscription to online software offerings /
services to business and individual users in India in consideration for a
periodical subscription fee by sourcing them from M/s Intuit Inc, USA which
is ultimate holding company of M/s KDK Softwares (India).
|
IT & ITES
|
|
4
|
18
|
M/s Kemefs Specialities Pvt Ltd
|
Post facto approval for issuance of 23, 97,918
(5%) Non-cumulative Redeemable Preference Shares to foreign Investor
i.e. M/s Chance World International BSC(C), Bahrain and subsequent
conversion of the same to equity shares as advised by the RBI.
|
Trading
|
|
5
|
23
|
M/s Afro Asia Equipments Pvt Ltd
|
Approval to expand its business operations to
undertake wholesale B2B trading of agricultural equipments, trading of
commercial vehicles and gensets and to provide after sales services and
supply of spare parts.
|
Cash and Carry Wholesale Trading
|
The following two (02) proposals do not lie before FIPB:
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