Government Approves Seven (7) Proposals of Foreign Direct Investment (FDI)
Government Approves Seven (7) Proposals of Foreign Direct Investment (FDI)
Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its 238th Meeting held on 3rd August 2016, the Central Government has approved seven (07) FDI proposals as per details enclosed.
S. No
|
Item No
|
Name of the applicant
|
Gist of the proposal
|
Sector
|
FDI (Rs. crore)
|
1
|
2
|
M/s IMCD
India Pvt. Ltd
|
Post facto
approval for issuing 42,13,814 equity shares of Rs. 10 fully paid up at
a premium of Rs. 140 per share to IMCD Finance BV as consideration for
transfer of IMCD Group BVs Indian branch into IMCD India pursuant to a court
approved scheme of demerger. The fair value of the share has been determined
to be Rs. 14.04 per share.
|
Wholesale
Trading
|
Nil
|
2
|
3
|
M/s Fincare
Business Services Private Limited
|
Approval has
been sought for amendment in the Clause 2, 5 and 6 of the approval letter
dated 08.05.2015
|
Investing
company/ Small Finance Bank
|
Nil
|
3
|
6
|
Haymarket SAC
Publishing (India) Private Limited
|
Haymarket SAC
Publishing (India) Private Limited has sought an approval for the take over
the publication of the specialty magazine "Print Week" from
Haymarket Media (India) Private Limited, its sister concern
|
Publication
|
Nil
|
4
|
7
|
M/s Laurus
Labs Private Limited
|
Approval for
downstream investment into Sriam Labs Private Limited (‘Sriam Labs’) by
purchase of 10,368,455 equity shares of Rs. 10 each representing 73% of fully
paid-up equity share capital of Sriam Labs from the existing shareholders for
a total consideration of an amount of Rs. 22.99 crores, thereby Sriam Labs
will become 100% wholly owned subsidiary of Laurus Labs
|
Pharma
|
22.99
|
5
|
11
|
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
|
Nil (outflow
of Rs 812 crore approx.)
|
6
|
13
|
Samara
Capital Partners Fund II Limited
|
Approval has
been sought for the purchase of 100% of the shareholding of Adcock
Ingram Healthcare Private Limited from Adcock Ingram Healthcare (Pty) Ltd and
Adcock Ingram International (Pty) Ltd
|
Pharma
|
Nil
|
7
|
16
|
M/s Tikona
Digital Networks Pvt Ltd
|
Approval has
been sought for the issuance of CCDs thereby increasing foreign equity to
76.73%
|
Telecom
|
267.00
|
The following seven (07) proposals have been deferred:
The following five (05) proposals have been
rejected:
S. No.
|
Item No
|
Name of the applicant
|
Gist of the proposal
|
Sector
|
1
|
1
|
M/s EXFO
Asia Pacific Pte. Limited
|
Approval for
investment in a Limited Liability Partnership, for carrying out wholesale
trading operations.
|
LLP
|
2
|
4
|
M/s
Sanofi-Synthelabo (India) Pvt. Ltd.
|
Approval
sought by a foreign owned Indian pharmaceutical company, for the merger of
two other foreign owned Indian pharmaceutical companies into itself.
|
Pharma
|
3
|
8
|
M/s Baxter
(India) Private Limited
|
Approval
has been sought for deletion of Pharma related conditions from the FIPB
approval dated 10.09.2014. The said approval was about conversion of ECBs
into equity shares and fresh FDI against issue of equity shares to a
non-resident Group company.
|
Pharma
|
4
|
12
|
M/s Oxigen
Services Pvt Ltd
|
Approval has
been sought for removal of clause no. 4,5,7,10 & 11 of FIPB
Approval No FC.10(2012)/168(2011), because the activity of the company is
100% under Automatic Route. Therefore the terms and conditions mentioned
under aforesaid clauses are not applicable on the company.
|
Financial Services
|
5
|
17
|
M/s Crown
Cement Manufacturing India Private Limited
|
Approval for
foreign investment from M.I. Cement, Bangladesh. The company is offering a
private placement of 1,55,10,000 shares of its common stock to M.I.
Cement, Bangladesh subject to FIPB approval
|
Manufac-turing
|
***********
The Union Finance Minister Shri Arun Jaitley reviews the Implementation of Insolvency and Bankruptcy Code (IBC) 2016; Calls for quick action to implement the IBC in a time bound manner.
The Union Finance Minister Shri Arun Jaitley directed the Senior Officers of the Ministry of Finance and Corporate Affairs to take suitable necessary action for implementation of Insolvency and Bankruptcy Code (IBC) 2016 in a time bound manner. The Finance Minister said that an immediate action is required on the key requirements for implementation of the IBC including setting-up of Insolvency and Bankruptcy Board of India (IBBI), notifying Rules and Regulations relating to Insolvency Professionals (IPs), Insolvency Professional Agencies (IPAs) and Corporate Insolvency among others. The Finance Minister was speaking in a Meeting held here today in order to review the implementation of Insolvency and Bankruptcy Code 2016. The Meeting was attended by Secretary, Department of Economic Affairs (DEA), Shri Shaktikanta Das, Secretary, Department of Financial Services (DFS), Ms. Anjuly Chib Duggal, Secretary, Ministry of Corporate Affairs(MCA), Shri Tapan Ray, senior officers of the Ministry of Finance, RBI and Securities and Exchange Board of India (SEBI) among others.
The Finance Minister Shri Jaitley asked the officials of the Ministry of Corporate Affairs to notify NCLT Benches to deal with Corporate Insolvency, take action for registration of IPs and IPAs among others. Shri Jaitley said the implementation in a time bound manner is very crucial in order achieve the desired goals of Insolvency and Bankruptcy Code 2016.
Earlier, Secretary, Ministry of Corporate Affairs, Shri Tapan Ray made a presentation giving the road map for implementing the Insolvency and Bankruptcy Code. During his presentation, Shri Ray highlighted the various decisions and actions taken by the Ministry of Corporate Affairs in this regard so far. He assured that the implementation of the IBC 2016 will be done in a time bound manner.
*******
Revenue Secretary reviews IT preparedness of the various stakeholders for smooth roll-out of Goods and Services Tax.
A meeting was held today under the Chairmanship of Revenue Secretary Dr Hasmukh Adhia to review the IT preparedness of the various stakeholders for smooth roll-out of Goods and Services Tax (GST). In the said meeting representatives of Reserve Bank of India (RBI), Principal CCA, Central Board of Excise & Customs (CBEC), Heads of Government Business and IT Heads of 29 Banks and Goods and Services Tax Network (GSTN) took part.
Realizing the criticality of IT preparedness of various stakeholders, the Department of Revenue has been regularly monitoring the progress of IT preparedness of various stakeholders. In the meeting, the status of preparation of software by the Banks, RBI, Principal CCA Office, CBEC and GSTN were discussed along with details of protocol of information interchange between the various stakeholders. All authorized banks were directed to ensure that their IT systems are in place for networking with RBI, GSTN and the accounting authorities of Central and State Government authorities, latest by 30th September, 2016.
******
Auction for Sale (Re-issue) of Government Stock
Government of India have announced the Sale (re-issue) of (i) “7.68 per cent Government Stock 2023” for a notified amount of Rs. 2,000 crore (nominal) through price based auction, (ii) “7.59 per cent Government Stock 2026” for a notified amount of Rs. 8,000 crore (nominal) through price based auction, (iii) “7.50 per cent Government Stock 2034” for a notified amount of Rs. 2,000 crore (nominal) through price based auction, and (iv) “7.72 per cent Government Stock 2055” for a notified amount of Rs. 2,000 crore (nominal) through price based auction. The auctions will be conducted using multiple price method. The auctions will be conducted by the Reserve Bank of India, Mumbai Office, Fort, Mumbai on August 26, 2016 (Friday).
Up to 5% of the notified amount of the sale of the stocks will be allotted to eligible individuals and Institutions as per the Scheme for Non-Competitive Bidding Facility in the Auction of Government Securities.
Both competitive and non-competitive bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on August 26, 2016. The non-competitive bids should be submitted between 10.30 a.m. and 11.30 a.m. and the competitive bids should be submitted between 10.30 a.m. and 12.00 noon.
The result of the auctions will be announced on August 26, 2016 and payment by successful bidders will be August 29, 2016 (Monday).
The Stocks will be eligible for “When Issued” trading in accordance with the guidelines on ‘When Issued transactions in Central Government Securities’ issued by the Reserve Bank of India vide circular No. RBI/2006-07/178 dated November 16, 2006 as amended from time to time.
******
Finance Secretary (FS) inaugurates the Training Program on Government E-Marketplace (GeM) for Government Users; FS: Training will enable the Government Procurement Officers to make best use of new technologies to procure goods and services in a more transparent, accountable and efficient manner.
The one-day hands on training program for Procurement Officers of the Central Government Ministries/Departments was inaugurated here today by Shri Ashok Lavasa, Finance Secretary, Government of India. The training program has been jointly organized by DGS&D, National Institute of Financial Management (NIFM) and National e-Governance Division (NeGD).
Speaking on the occasion,Shri Ashok Lavasa complimented the DGS&D, NEGD and NIFM for organizing the training program on the use of Government e-Marketplace (GeM) for the Government users. Shri Lavasa highlighted that the very fact that GeM has been developed within a short span of 5 months owing to the collaborative efforts of DGS&D, NeGD, Finance Ministry and several other Government agencies indicates that collaboration between Government agencies can bring great results in short time. Shri Lavasa also stated that GeM will enable the Government buyers to make the best use of new technologies to procure goods and services in a more transparent, accountable and efficient manner and with the same ease and efficiency that is presently offered by e-commerce sites. He wanted that such training programme should be taken seriously and more and more officers should be trained including the State Governments.
The Finance Secretary requested the GeM team to make efforts to continuously improve the GeM portal and ensure that it remains free from manipulation and any unethical practices. Shri Lavasa also stated although it has been made mandatory on GeM to make payment to the vendors within 10 days of receipt of goods/services, efforts should be made to further reduce this time span as time is money and ultimately the cost of delayed payment is born by the Government. GeM has a potential to grow and will bring in a lot of credibility and comfort in procurement decision making within the Government.
The training session was attended by more than 60 procurement officers from about 20 Central Government organizations based in Delhi and is the First such Training Program to be followed by similar pan-India Training Sessions for all the Central Government Procurement Officers.
Smt Radha Chauhan CEO of NeGD (MeitY) in her address mentioned about the concept of GeM and how it has been developed. She emphasised the importance of training and wanted the officers attending the programme to provide valuable feedback so that the system could be further improved. She mentioned that the system is secure and robust. Shri Binoy Kumar, DG(S&D) in his address stated that GeM is a completely online and end-to-end integrated e-procurement portal for products and services that has been developed by DGS&D with technical support from NeGD. He stated that more such training programs/sessions are planned for both the Government buyers as well as sellers in the coming days.
Revenue Secretary reviews IT preparedness of the various stakeholders for smooth roll-out of Goods and Services Tax.
A meeting was held today under the Chairmanship of Revenue Secretary Dr Hasmukh Adhia to review the IT preparedness of the various stakeholders for smooth roll-out of Goods and Services Tax (GST). In the said meeting representatives of Reserve Bank of India (RBI), Principal CCA, Central Board of Excise & Customs (CBEC), Heads of Government Business and IT Heads of 29 Banks and Goods and Services Tax Network (GSTN) took part.
Realizing the criticality of IT preparedness of various stakeholders, the Department of Revenue has been regularly monitoring the progress of IT preparedness of various stakeholders. In the meeting, the status of preparation of software by the Banks, RBI, Principal CCA Office, CBEC and GSTN were discussed along with details of protocol of information interchange between the various stakeholders. All authorized banks were directed to ensure that their IT systems are in place for networking with RBI, GSTN and the accounting authorities of Central and State Government authorities, latest by 30th September, 2016.
******
Auction for Sale (Re-issue) of Government Stock
Government of India have announced the Sale (re-issue) of (i) “7.68 per cent Government Stock 2023” for a notified amount of Rs. 2,000 crore (nominal) through price based auction, (ii) “7.59 per cent Government Stock 2026” for a notified amount of Rs. 8,000 crore (nominal) through price based auction, (iii) “7.50 per cent Government Stock 2034” for a notified amount of Rs. 2,000 crore (nominal) through price based auction, and (iv) “7.72 per cent Government Stock 2055” for a notified amount of Rs. 2,000 crore (nominal) through price based auction. The auctions will be conducted using multiple price method. The auctions will be conducted by the Reserve Bank of India, Mumbai Office, Fort, Mumbai on August 26, 2016 (Friday).
Up to 5% of the notified amount of the sale of the stocks will be allotted to eligible individuals and Institutions as per the Scheme for Non-Competitive Bidding Facility in the Auction of Government Securities.
Both competitive and non-competitive bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on August 26, 2016. The non-competitive bids should be submitted between 10.30 a.m. and 11.30 a.m. and the competitive bids should be submitted between 10.30 a.m. and 12.00 noon.
The result of the auctions will be announced on August 26, 2016 and payment by successful bidders will be August 29, 2016 (Monday).
The Stocks will be eligible for “When Issued” trading in accordance with the guidelines on ‘When Issued transactions in Central Government Securities’ issued by the Reserve Bank of India vide circular No. RBI/2006-07/178 dated November 16, 2006 as amended from time to time.
******
Finance Secretary (FS) inaugurates the Training Program on Government E-Marketplace (GeM) for Government Users; FS: Training will enable the Government Procurement Officers to make best use of new technologies to procure goods and services in a more transparent, accountable and efficient manner.
The one-day hands on training program for Procurement Officers of the Central Government Ministries/Departments was inaugurated here today by Shri Ashok Lavasa, Finance Secretary, Government of India. The training program has been jointly organized by DGS&D, National Institute of Financial Management (NIFM) and National e-Governance Division (NeGD).
Speaking on the occasion,Shri Ashok Lavasa complimented the DGS&D, NEGD and NIFM for organizing the training program on the use of Government e-Marketplace (GeM) for the Government users. Shri Lavasa highlighted that the very fact that GeM has been developed within a short span of 5 months owing to the collaborative efforts of DGS&D, NeGD, Finance Ministry and several other Government agencies indicates that collaboration between Government agencies can bring great results in short time. Shri Lavasa also stated that GeM will enable the Government buyers to make the best use of new technologies to procure goods and services in a more transparent, accountable and efficient manner and with the same ease and efficiency that is presently offered by e-commerce sites. He wanted that such training programme should be taken seriously and more and more officers should be trained including the State Governments.
The Finance Secretary requested the GeM team to make efforts to continuously improve the GeM portal and ensure that it remains free from manipulation and any unethical practices. Shri Lavasa also stated although it has been made mandatory on GeM to make payment to the vendors within 10 days of receipt of goods/services, efforts should be made to further reduce this time span as time is money and ultimately the cost of delayed payment is born by the Government. GeM has a potential to grow and will bring in a lot of credibility and comfort in procurement decision making within the Government.
The training session was attended by more than 60 procurement officers from about 20 Central Government organizations based in Delhi and is the First such Training Program to be followed by similar pan-India Training Sessions for all the Central Government Procurement Officers.
Smt Radha Chauhan CEO of NeGD (MeitY) in her address mentioned about the concept of GeM and how it has been developed. She emphasised the importance of training and wanted the officers attending the programme to provide valuable feedback so that the system could be further improved. She mentioned that the system is secure and robust. Shri Binoy Kumar, DG(S&D) in his address stated that GeM is a completely online and end-to-end integrated e-procurement portal for products and services that has been developed by DGS&D with technical support from NeGD. He stated that more such training programs/sessions are planned for both the Government buyers as well as sellers in the coming days.
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