#FIPB at its meeting held on 14th November 2014 Approves 15 Proposals of #ForeignDirectInvestments amounting to #INR 689.35 Crore or US$ 111.40 Million.

Data was released on 1st December 2014. FIPB - Foreign Investment Promotion Board . Government of India

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Press Release : 01-December, 2014

Government approves fifteen (15) proposals of Foreign Direct Investment (FDI) amounting to about Rs. 689.35 Crore

Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on November 14, 2014, the Central Government has approved fifteen (15) proposals of Foreign Direct Investment (FDI) amounting to Rs. 689.35 crore approximately.

In addition, one proposal viz., M/s HDFC Bank Limited has also been recommended for consideration of Cabinet Committee on Economic Affairs (CCEA).

Details of Proposals considered in the Foreign Investment Promotion Board (FIPB) Meeting held on 14.11.2014 are as follows.

Following fifteen (15) proposals have been approved:

  

Sl. No

Name of the applicant Gist of the proposal Proposed FDI

Sector

1 M/s IdeaForge Technology Pvt. Ltd(No. 8/SIA/NFC/2013-FC-I)

M/s IdeaForge Technology Pvt. Ltd, which is a manufacturer of unmanned aerial systems mainly supplied to defence sector, has sought approval for NRI investment by Ms. Sujata Vemuri due to change in the activities of the company

Defence 0

2 M/s Punj Lloyd Limited, Gurgaon                          (No. 128/2014-FC.I)

M/s Punj Lloyd Limited, Gurgaon, with the existing FDI, has sought FIPB approval to undertake additional activity of manufacturing of equipment, systems and associated assemblies for the defence sector.

Defence 0

3 M/s Panacea Publishing Pvt Ltd, Mumbai (No.129/2014-FC.I)

M/s Panacea Publishing Pvt. Ltd, Mumbai has sought approval for 50% foreign equity by M/s Panacea Publishing International Limited, UK to engage in the business of print and advertising media.

I&B 0.1

4 M/s Vogel Business Media India Pvt. Ltd., Mumbai [No. FC.II 51(2011)/87(2011)] (43/AM/2014)

M/s Vogel Business Media India Pvt. Ltd., engaged in publishing, is seeking post facto approval for (i) induction of a new foreign investor in the approval letter to whom shares had been issued in 2011, (ii) change of name of one existing investor and (iii) induction of name of one foreign investor which was inadvertently not inserted in the approval letter.

I&B 0

5 M/s GETIT Infoservices Private Limited (formerly known as M/s GETIT

M/s GETIT Infoservices Private Limited, engaged of publishing, is seeking approval for increasing

I&B 184

Infoservices Limited) (No. FC.II 115/2008)

foreign equity participation in its share capital from present 96.266% to upto 100%.

6 M/s Herman Miller Furniture (India) Private Limited, Bangalore (No. 124/2014-FC.I)

Approval has been sought by M/s Herman Miller Furniture (India) Private Limited for setting up a manufacturing unit for manufacturing furniture including wooden and steel furniture which has been reserved for Micro, Small and  medium Enterprises Sector (MSME’s) .

Others NIL(Already brought in)

7 M/s Center for Disease Detection Services Global Private Limited, Bangalore   (No. 127/2014-FC.I)

M/s Center for Disease Detection Services Global Private Limited, Bangalore, is seeking permission for conversion of advances into equity. 

Pharma NIL(Already brought in)

8 M/s The Nuance Group AG (No. FC.II-176/2013)

M/s Nuance Group AG Switzerland has proposed for amendment in the approval letter dated 05.12.2013 and to purchase shares in an existing company of the same group instead of incorporating a new company to be engaged in operating the duty free outlets at the Chhatrapati Shivaji International Airport (CSIA), Mumbai.

others 42

9 M/s Zipcash Card Services Pvt. Ltd (No. 14/SIA/NFC/2011-FC-I)

M/s Zipcash Card Services Pvt. Ltd has sought approval for removal of the condition of minimum capitalization as required under para 6.2.24.2 viz USD 0.5 million. Alternatively, if FIPB of the opinion that this condition cannot be deleted, then permit NRI to transfer the fully paid equity shares held by him in the company to any person resident in India without further complying with minimum capitalization condition.

NBFC 0

10 M/s Sanofi-Synthelabo (India) Limited, Mumbai ( No. 115/2014-FC.I)

M/s Sanofi-Synthelabo (India) Limited, Mumbai, engaged in brownfield pharmaceutical sector and a 100% WOS of M/s Sanofi S.A., France, has sought approval for (a) additional foreign investment of Rs.90 crore from its parent company and (b) inter-corporate loan from another Indian incorporated Sanofi Group company in order to acquire 20% equity in M/s Apollo Sugar Clinics Limited, Mumbai- a company engaged in providing

Pharma 90

healthcare clinical services.11 M/s Sun Pharmaceutical

Industries Limited, Gujarat ( No. 119/2014-FC.I)

M/s Sun Pharmaceuticals Industries Limited, Gujarat has sought approval for issuing equity shares to: (a) the non-resident shareholders and (b) the holders of global depository receipts of M/s Ranbaxy Laboratories Limited pursuant to the merger of M/s Ranbaxy Laboratories Limited into M/s Sun Pharmaceuticals Limited through a scheme of arrangement and based on the share exchange ratio set out in the scheme.

Pharma 0

12 M/s Panacea Biotech Limited, Delhi (No. 122/2014-FC.I)

M/s Panacea Biotec Limited, Delhi, a listed company engaged in pharmaceutical sector, has sought approval for issuance of equity shares to Qualified Institutional Buyers (QIBs) through proposed qualified institutional placement.

Pharma 250

13 M/s Neuland Laboratories Limited, Hyderabad (No. 130/2014-FC.I)

Approval has been sought by M/s Neuland Laboratories Limited for the issuance of shares on right basis to its existing non-resident shareholders.

Pharma 25

14 M/s Satures India Pvt. Ltd., Banglore [No. FC.II- 80(2012)/28(2012)] (No. 47/AM/2014)

An Indian pharma company is seeking approval to increase foreign investment from 58.88% to 72.65% by way of transfer of shares from resident to existing non-resident shareholder and NR-NR transfer.

Pharma 98.25

15 M/s A. Menarini India Pvt. Ltd. (No. FC.II 199/2012)

M/s A. Menarini India Private Limited (A. Menarni) is seeking approval to issue its equity shares to shareholders of M/s Menarini Raunaq Pharma Limited (MRPL) and further transfer of shares from shareholders of MRPL to shareholder of A. Menarini, pursuant to the approval of the merger of MRPL with A. Menarini.

Pharma 0

  The following seven (7) proposals have been deferred:  

Sl.No. Name of the applicant Gist of the proposal Sector

1 M/s Augere Wireless Broadband India Private Limited, New Delhi                          [No. FC.II – 27(2011)/242(2010)]

M/s Augere Wireless Broadband India Private Limited, an Indian telecom company, proposes to Increase foreign equity participation from 74% to 100%.

Telecom

2 M/s O-zone Networks Private Limited, Delhi. (No. 114/2014-FC.I)

M/s O-zone Networks Private Limited Delhi, engaged in telecom sector and with 33.33% existing FDI from M/s AL Telecom Holdings (India) Limited, Cyprus, seeks approval for upto 100% foreign investment by M/s Ozone BV, Netherlands by way of purchase of the equity share capital existing foreign and domestic shareholders.

others

3 M/s Agilent Technologies (International) Private Limited [No. FC.II 5(2003)/526(2002)]

Approval/clarification has been sought by M/s Agilent Technologies (International) Private Limited to partially lease the premises, treating it as additional activity.

IT & ITES

4 M/s Baring Private Equity Asia IV Mauritius Holdings (3) Limited [No. FC.II 440(2000)/499(2000)] [No. 37(2007)/05(2007)]

:  Approval has been sought by Sharekhan Limited and M/s Human Value developers Pvt Ltd for the transfer of CCDs and CCPs of their companies held by IDFC limited to Baring Private Equity Asia IV Mauritius Holdings Limited.

NBFC

5 M/s Holcim (India) Pvt. Ltd. [No. FC.II. 360(2002)/479(2002)]

Approval has been sought by M/s Ambuja Cements Ltd., for the acquisition of 24% shares in its holding company; Holcim (India) Pvt Ltd from the latter’s holding company M/s Holderind Investments Ltd (NR) and subsequent reverse merger through a share swap.

others

6 M/s FTF Pharma Pvt Ltd., Ahmedabad (No. 94/2014-FC.I)

Approval has been sought by M/s FTF Pharma Private Limited, a brownfield pharmaceutical company for issuance of equity shares on a right basis to its existing foreign shareholder in the proportion of the shares held.

Pharma

7 M/s Vayugrid Marketplace Services Private Limited, Maharashtra (No. 116/2014 – FC.I)

M/s Vayugrid Marketplace Services Private Limited, Maharashtra, is seeking approval for allotment of equity shares towards preliminary expenses for the incorporation of the company and to issue pending equity shares against share application money pending since takeover of a sister company since 31.03.2009. 

others

 

  The following two (2) proposals have been rejected:  

Sl.No. Name of the applicant Gist of the proposal Sector

1 M/s Quikjet Cargo Airlines Pvt. Ltd. Banglore(No. 117/2014-FC.I) (No. FC.II – 23/2013)

Approval has been sought by M/s Farnair Switzerland A.G for the purchase of shares/CCPS of M/s Quickjet Cargo Airlines Pvt Ltd from its existing shareholder and subscribe to fresh shares, hereby increasing the foreign shareholding from 62.34% to 74%

Civil Aviation

2 M/s Phil Arthur Bedford, Dubai( No. 101/2014-FC.I)

Mr. Phil Arthur Bedford, a British National and Dubai Resident has sought approval to set up an LLP in India which will act as the Master Franchisee of the Referral Institute, an institute engaged in providing consultation tools to help business professional to gain financial success through relation based referral marketing.

others

  In respect of the following one (1) proposal, the recommendation is to advise the applicant that the

proposal does not lie before FIPB, since the present activity is under automatic route: 

Sl.No.

Name of the applicant Gist of the proposal Sector

1 M/s Turner General Entertainment Networks India Private Limited [No. FC.II-37(2007)/5(2007)] (No. 45/AM/2014)

Post Facto approval has been sought by Turner General Entertainment Networks India Private Limited for the transfer of 1 share held by resident shareholder to WoS of the foreign investor.

I&B

 

The following one (1) proposal has been recommended for the consideration of CCEA, as the investment involved in the proposals is above Rs. 1200.00 crore:

 

Sl.No. Name of the applicant Gist of the proposal Sector

1 M/s HDFC Bank Ltd. (No.FC.I-231/2013)

Approval has been sought by, M/s HDFC Bank Limited for maintaining the permissible foreign holding in the bank up to 74% of the total paid up capital, out of which the FII sub-limit would be 49% and the balance 25% would be FDI.

Banking Private Sector

 

Press Release :

Government approves Twenty (20) Proposals of Foreign Direct Investment amounting to Rs 988.3 Crore

Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on September 16, 2014, the Government has approved twenty (20) proposals of Foreign Direct Investment amounting to Rs. 988.3 crore approximately.

Details of Proposals considered in the Foreign Investment Promotion Board (FIPB) Meeting held on 16th September, 2014 are as follows:

1. Following twenty (20) proposals have been approved:

Sl. No.

Name of the applicant Gist of the proposal Proposed amount of FDI (in Rs.

Crore)

Sector

1 M/s Bharti Shipyard Ltd., Mumbai

(No.187/2011-FC.I)

M/s Bharati Shipyard Limited, Mumbai (Investee Company) which has existing FII and NRI investments has proposed to undertake additional defence activities along with its existing activities.

Nil Defence

2 M/s Solar Industries India Limited, Nagpur

(No. 86/2014-FC.I)

M/s Solar Industries Limited, which has minimal investment FII/NRI investment, has sought approval for undertaking additional activity of manufacturing defence products.

Nil Defence

3 M/s Hatsoff Helicopter Training Pvt Ltd, Bangalore (No. 112/2014-FC.I)

Post facto approval has been sought by M/s Hatsoff Helicopter Training Pvt Ltd for the issue of shares against interest money accrued on the foreign remittance received by it from the foreign investor.

Rs. 5.6 Crore

Civil Aviation

4 M/s Verizon Communications India Private Limited

[No. FC.II – 39/2002]

M/s Verizon Communications India Private Limited, engaged in telecom sector, is seeking approval to increase foreign equity participation by its foreign parent from 74% to 100%.

Rs. 2.32 Crore

Telecom

5 M/s Ironman Media and Advisory Services Private Ltd. (No. 11/SIA/NFC/2014)

M/s Ironman Media and Advisory Services Private Ltd. has sought approval to issue shares for the amount received as FDI.

Rs. 0.30 Crore

Print Media

6 M/s Axes Studios LLP(No.10/SIA/NFC/2014-

FC I)

 

M/s Axes Studios LLP has sought approval to accept NRI investment from Mr. Gunjan Dhirendra Chag, NRI, UK.

Rs. 0.99 Crore

IT

7 M/s MapfreAsistencia Camp A+ Aa International de SegurosYReaseguros, SA(No. 245/2013-FC.I)

Permission for incorporating a WoS in India for providing software related services and also act as Corporate Agent to an Indian Insurer by Soliciting and Procuring Insurance business as

Rs. 1.70 Crore (US$ 0.275 million)

Insurance

Corporate Agent.8 M/s Instant Global

Money Transfer Private Limited

(No. 78/2014-FC.I) 

M/s Instant Global Money transfer Private Limited, Punjab is seeking post facto approval for partly paid shares issued to the M/s Trans-Fast Remittance LLC, New York against FDI.

Rs. 0.15 Crore

NBFC

9 M/s GETCO Asia Pte. Ltd., Singapore

(No. FC.II: 156/2011)

Approval sought by a wholly foreign owned company for setting up a downstream subsidiary to be engaged in the business of commodities broking, commodities trading and providing liquidity to the commodities market.

Nil NBFC

10 M/s Equitas Holdings Private Limited, Tamil Nadu

(No. FC.II- 236/2011) 

Approval has been sought by M/s Equitas Holdings Private Limited for downstream investment in its wholly owned subsidiaries by its existing and new foreign shareholders hereby increasing the foreign equity from 91.30% to 93.12%

Rs. 325 Crore

Investing Company

11 M/s ANZCapital Pvt. Ltd. (FC.II: 121/2001)

M/s ANZ Capital Private Limited is seeking approval for removal of the condition prescribed in the FC approval.

Nil NBFC

12 M/s Medipass SRL, Italy(No. 83/2014-FC.I)

Approval is sought by Medipass SRL, an Italian company for the acquisition of 85.19% stake in the share capital of M/s Clearview Healthcare Private Limited, an investing company with downstream investment in health sector.

Rs. 15.11 Crore

Pharma

13 M/s Intas Pharmaceuticals Limited, Ahmedabad

[No. FC.II – 334/2005]

M/s Intas Pharmaceuticals Limited, an Indian pharmaceuticals company, seeking approval for NR to NR transfer of 10.16% its shares.

Nil Pharma

14 M/s. Koye Pharmaceutical Private Limited

(No. 41/2014-FC.I)

M/s Koye Pharmaceuticals Private Limited, a brownfield Pharmaceuticals company, has sought permission to issue additional 1,818 CCPS, 15constituting up to 6.81% of the share capital of the company on a post-issuance and fully diluted basis, to the already existing investor M/s SCI Growth Investments II, Mauritius.

Rs. 7.50 Crore

Pharma

15 M/s Amneal Pharmaceuticals Company India Pvt. Ltd.

(No. 67/2014-FC-I)

M/s Amneal Pharmaceuticals Company Private Limited, a foreign owned and controlled company, is seeking approval for acquisition of entire share capital of Epsilon, through a share purchase agreement a company engaged in trading of generic pharma products and in process of setting up formulation manufacturing facility.

UptoRs. 205 Crore

Pharma

16 M/s Fresenius Kabi Oncology Limited, New Delhi

(No. 89/2014-FC.I)

Approval has been sought for issuance of equity shares for an aggregate consideration of Rs. 119 Crore to increase foreign shareholding from 96.22% to 96.483% of its parent company.

Rs. 119 Crore

Pharma

17 M/s Ferring Pharmaceuticals Pvt. Ltd.

(FC.II 456/1996)

M/s Ferring Pharmaceuticals Private Limited is seeking post facto approval for the investment made by Ferring BV (foreign company) into M/s Ferring Pharmaceuticals Pvt. Ltd for onward downstream investment in its WoS M/s Ferring Therapeutics Pvt. Ltd., prior to approval of FIPB.

Nil Pharma

18 M/s Indusind Bank Ltd. (591/FC/93/NRI-FC I)

 

the applicant has sought approval for increase in foreign investment in IBL to 74% with a specific request to grant post-facto approval for increase in foreign holding from 68.51% to 72.07% on 30.06.2014

Not indicated

Banking – Private Sector

19 M/s Dymak India Services Limited Liability Partnership, Uttar Pradesh

(No. 85/2014-FC.I)

Post Facto approval has been sought by M/s Dymak India Services LLP for foreign contribution of Rs. 44,53,523 to acquire 80% stake in the Indian LLP by M/s Dymak A/S CVR 1975 7803.

Nil Whole Sale Trading

20 M/s Tara India Fund IV Trust, Mumbai

(No. 102/2014-FC.I)

M/s Tara India Fund IV Trust seeking permission for investment upto US$45 million by subscribing to the units of the applicant and category B investors to invest up to US $ 5 million in the units of TARA Fund.

Rs 305.63 Crore

(US$ 50 million)

Investing Company

 

2. The following eight (8) proposals have been deferred:

Sl. No.

Name of the applicant Gist of the proposal Sector

1 M/s Pureplay Investment Partners, Mauritius

(No. FC.I-270/2013)

Proposal for FDI by M/s Pureplay Investment Partners Mauritius in:

(a) upto 74% in M/s Indiverse Broadband Private Limited, an existing company engaged in the  cable television networks business and undertaking up -gradation of networks towards digitization and addressability (b) 49% in (JVC-I) and 49% in (JVC-2) (both JVC will be act as investing company).

Telecom

2 M/s ASV Europa Security Private Limited, Secunderabad (No. 91/2014-FC.I)

M/s ASV Europa Security Private Limited, Secunderabad seeking permission for receiving 49% foriegn investment in Security Services and Man Power recruitment & training services by way of transfer of shares from its current Indian Shareholder. 

Private Security Agencies

3 M/s Halyard Health Inc., USA (No. 109/2014-FC.I)

Approval has been sought by M/s Halyard Health, Inc, USA, WoS of Kimberley Clark group to set up a new company in India to be engaged in import and sale of healthcare products on “Wholesale business” and transfer of some assets from one WoS to the new company.

Pharma

4 M/s BeloorBayir Biotech Limited, Bangalore (No. 111/2014-FC.I)

 

M/s BeloorBayir Biotech Limited Bangalore, with 22.55% foreign investment (on a fully diluted basis) by M/s India Agri Business Fund Ltd. Mauritius proposes to acquire, by way of merger, the entire share capital of M/s Bayir Chemicals India Private Limited, Bangalore and M/s Sneha Nutura India Private Limited, both companies being engaged in pharmaceuticals sector.

Pharma

5 Mr. Anurag Kumar (No. 12/SIA/NFC/2014)

The applicant has sought Government approval for acquisition of 100% equity of BPPL. The proposal has been supported by the consent of existing shareholders  and Board Resolution of the investee company.

Pharma

6 M/s Tevapharm India Pvt. Ltd. [FC.II 35(2001)/45(2001)]

A 100% foreign owned Indian brownfield pharma company is seeking approval for additional capital infusion.

Pharma

7 M/s GMU InfosoftPvt. Ltd.                     

(No. 17/SIA/NFC/2011-FC I)

 

company proposes to issue 2750 equity shares (1.52% equity) of Rs.10/each, to Mr. Ramneet Singh Rekhi, USA, NRI and 2750 equity shares (1.52% equity) of Rs.10/each to Mr.Sartaj Singh Rekhi, USA, NRI.

Others

8 M/s U InfosoftPvt. Ltd. ( No. 16/SIA/NFC/2011-FC I)

The company proposes to issue 2750 equity shares (1.52% equity) of Rs.10/each, to Mr. Ramneet Singh Rekhi, USA, NRI and 2750 equity shares (1.52% equity) of Rs.10/each to Mr.Sartaj Singh Rekhi, USA, NRI.

Others

 

3. The following five (5) proposals have been rejected:

Sl. No.

Name of the applicant Gist of the proposal Sector

1 M/s Indus Teqsite Private Limited, Tamil Nadu

(No. 261/2013-FC.I)

A JV is proposed to be formed with 26% FDI to undertake defence sector activities.

Defence

2 M/s. Sistema Shyam Teleservices Ltd.

[FC.II 241 (07)/285(07)]

Increases in FDI upto 100% in M/s Sistema Shyam Tele Services Limited and its downstream WoS M/s Shyam Internet Services Limited, both engaged in telecom sector, on account of conversion of Redeemable Preference Shares into equity.

Telecom

3 M/s Kusum Healthcare Private Limited, New Delhi

(No. 92/2014-FC.I)

M/s Kusum Healthcare Private Limited, New Delhi, engaged in pharmaceuticals sector, has sought approval for issuing equity shares/CCPS/CCDs to M/s Upasa Holdings AG, Switzerland, leading to 25% shareholding in the applicant.

Pharma

4 M/s BioMerieux India Private Limited, New Delhi

(No. 97/2014-FC.I)

M/s BioMerieux India Pvt Ltd., a WoS of M/s BioMerieux France has sought approval for additional downstream investment of 10% (increase from 60% to 70%) in M/s RAS Life sciences Private Limited, a company engaged in brownfield pharmaceutical sector. Post-facto approval for initial investment of 60% would also be required.

Pharma

5 M/s HBM Private Equity India

(No. 216/2013-FC.I)

Approval has been sought by M/s HBM Private Equity India, Mauritius to acquire 7.72% equity shares of M/s Marck biosciences Ltd from IFCI Venture Capital Fund Ltd. This will result in increased foreign equity participation from 49.29% to 57.01%. However there is no change in the holding of the promoter group (80.01%).

Pharma

4. In respect of following two (02) proposals, the recommendation is to advise the applicants that FIPB approval is not required in their cases:

Sl. No.

Name of the applicant Gist of the proposal Sector

1 M/s Kineco Kaman Composites India Pvt. Ltd.

(No. FC.I-100/2013)

M/s Kineco Kaman Composites-India Pvt Ltd, having 26% FDI, proposes to undertake the additional activity of supplying products and research and development services to the defence sector, along with its existing activities.

Defence

2 M/s Xander Finance Pvt. Ltd., Delhi

(No. 110/2014-FC.I)

M/s Xander Finance Private Limited, a loan NBFC, with 99.45% FDI from M/s Xander Credit Pte. Limited, Singapore has sought post-facto approval for deployment of temporary surplus funds in debt mutual fund and for making future deployment of temporary surplus funds in debt mutual funds and government bonds.

NBFC