Government approves ten (10) proposals of Foreign Direct Investment amounting to Rs. 2857.83 crore approx

Print Posted Date : 25-Mar-2015 , 06:02:36 pm | Posted By CASANSAAR

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Details of Proposals considered in the Foreign Investment Promotion Board (FIPB) Meeting held on 17.02.2015

Following 10 (ten) proposals have been approved by the Government:

Sl. No.	Item No.	Name of the applicant		2	EngineeringM/s	3	M/s Luvenus Jewellery Pte Ltd	Approval has been sought by M/s Luvenus Jewellery Pte Ltd for (i) incorporation of a WoS to set up a retail outlet at the Mumbai International Airport. (ii) Exemption/waiver from condition of 30% sourcing of goods from India. (iii) Funding the company for future expansion.	Duty free shops	Rs.1.25 crores
	18	M/s Alere Medical Private Limited, New Delhi	Approval has been sought for amalgamation of M/s Alere Medical Private Limited and M/s SD Bio Standard Diagnostics Pvt. Ltd., two pharmaceutical companies	Pharma	Nil
	23	M/s Ipca Laboratories Limited, Mumbai	M/s IPCA Laboratories Limited, a listed company engaged in pharmaceutical sector has sought approval for FII investment upto 35% in the company	Pharma	Rs.900 crores approx.
	25	M/s Biogenomics Limited	Approval has been sought by M/s Biogenomics Limited to increase the foreign equity from 74% to 92.28% of the existing foreign shareholders by further infusion of capital amounting to Rs.75 crores.	Pharma	Upto Rs.75 crores
	34	M/s Wacoal International Hong Kong Co. Ltd. (Hong Kong)	M/s Wacoal International Hong Kong Co. Ltd. (Hong Kong) has sought approval to set up a JV with 51% equity participation for undertaking of single brand retail trading of products under the brand name ‘Wacoal’. Remaining 49% of the equity share will be held by an Indian JV partner	SBRT	USD 255,000 (Rs.1.58 crore approx.)

            The following Name of the applicant
Sector

1
M/s Quickjet Cargo Airlines Pvt Ltd, Bangalore

4
Shri Mehul Sehgal , Delhi

7
M/s ASV Europa Security Private Limited, Secunderabad

8
M/s Compatel India Private Limited, Mumbai

9
M/s Knowlarity Communications Private Limited, Delhi

10
M/s Thaicom Public Company Limited, Thailand

11
M/s Augere Wireless Broadband India Private Limited, New Delhi

12
M/s India Value Fund IV
(i)         Making investment in an Indian Company i.e. M/s Atria Convergence Technologies Pvt. Ltd. (ACT) engaged in providing Internet Services (ISP). IVF IV and IVF III-A together proposes to invest in the capital of ACT in excess of 49% upto 100% by subscribing to equity/compulsorily convertible preference shares/fully convertible debentures.

13
M/s Chorus Call INC, USA

14
M/s O-zone Networks Private Limited, Delhi

15
M/s Insight Media City (India) Pvt. Ltd.

16
M/s INX Music Private Limited, Mumbai

27
M/s SERAP India Pvt Ltd, New Delhi

29
M/s Shah Vibratory LLP, Mumbai

30
M/s Thornton Tomasetti Inc., USA

31
M/s YourNest Angel Fund (Trust)

33
M/s Zodius Technology Fund, through its Investment Manager M/s Avezo Advisors Pvt. Ltd

36
Sharekhan Limited & M/s Human Value developers Pvt Ltd
(Baring Private Equity Asia IV Mauritius Holdings Limited)
            The following 02 (two) proposals were not considered by FIPB:
1.                 21
M/s NovaLead Pharma Private Limited, Pune has sought permission for (a) the sale of a part of an existing shareholder M/s Kotak India Growth Fund share in the company to (another existing shareholder) M/s Boxmoor (Mauritius) Ltd., and (b) to allot additional equity shares to Boxmoor.
2.                 28
SNC-Lavalin Mauritius Limited is seeking approval for conversion of CCPS into equity shares held in M/s Piramal Roads Infra Private Limited, an Indian investing cum operating company and to increase its shareholding from 10% to 17%.
            The following 4 (four) proposals have been rejected:

M/s Continental Traffic Service Global Technologies Private Limited, Chennai, has sought post-facto approval for capitalization of pre incorporation expenses and to allot shares to the non-resident investor/entity M/s Continental Traffic Service INC.,USA.

Software (pre incorporation expenses)

M/s Beloor Bayir 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

M/s CLSA India Private Limited, engaged in fund based NBFC activities, is seeking approval for capitalisation of the free reserves to meet the minimum capitalization norm.

NBFC

M/s Continental Hospitals Ltd. (“CHL”) has sought post-facto approval for allotment of shares to NRI promoters (Dr. Gurunath Reddy and Mrs. Vasu Reddy) and M/s Paradigm Corporation Private Ltd. (“PCPL”) for cash and/or for consideration other than cash.

Pre-incorporation expenses and others
The following 01 (one) proposal was withdrawn by the applicant:
Sl.
Gist of the proposal
Sector

M/s Agappe Diagnostics Limited (ADL) seeking approval for acquisition of 20.24 percent of its fully paid-up equity shares of ADL by M/s Sycamore Holdings Limited, Mauritius.

Pharma

Sl. No.	Item No.	Name of the applicant	Gist of the proposal	Sector	Proposed FDI
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.	Investing company	Rs.3500 crore approx.