India approves 22 FDI proposals worth Rs541 crore

The government has approved 22 foreign investment proposals worth a total of Rs541 crore, including Rs157 crore investment by Electrosteel Castings, the finance ministry said.

The government also approved Anant Raj Industries' plan to invest Rs90.2 crore through issuance of warrants that would be converted into equity shares and a proposal by Walt Disney to enter into home entertainment and printing and publishing business.

The approvals, which follow clearance by the Foreign Investment Promotion Board (FIPB) at its meeting held on 20 April 2009, include proposals relating to the ministries/departments including chemicals and petrochemicals, commerce, economic affairs, industrial policy and promotion, information and broadcasting, power, urban development, information technology, and telecommunication, the release said. 

Other proposals approved include: Ex-post facto approval for allotment/ conversion of convertible warrants into equity shares by Gati Ltd, Secunderabad; transfer of shares from erstwhile OCB to foreign investor by Yash Technologies Inc. USA; issue and allotment of warrants convertible into equity shares by Fortis Healthcare Ltd, New Delhi; post facto approval for issuance of partly paid-up share capital by Bronx Process Engineering (P) Ltd, Gurgaon; post facto approval for issuance of convertible warrants by Electrosteel Castings Ltd, Kolkata; transfer of shares from NR to NR to carry out the activities in the telecom sector by Xcel Telecom Pvt Ltd; approval for making foreign currency payments by Build Coatings Pvt Ltd;  Increased foreign direct equity participation by way of subscribing to fresh equity shares or by way of purchase of existing equity shares or by a combination of both by South Asia FM Ltd, a company engaged in the FM radio broadcasting services; Issue of shares by Webex Communications India Pvt Ltd against the credit balance due towards the company by the foreign collaborator; Ttansfer of shares by Premier Chemco Pvt Ltd from resident to non-resident in telecom sector;  to make amendment in the FC approval to Four Seasons Hotels Ltd; Setting up a WOS for undertaking the activities of trading of items sourced from small sector and Test marketig by Comecer SPA of Italy; approval for MEL Systems and Services Ltd, Chennai, to engage in the manufacture of defence related activities; Induction of foreign equity by issuing and allotting equity shares to carry out the activity of publishing of technical magazines by Akar Info-Media Pvt Ltd, Ahmedabad; transfer of shares by way of share swap by DSP Technology India Pvt Ltd, Bangalore; post facto approval for conversion of operating company into an operating cum holding company to make further downstream investment by Noida Softwares Technology Ltd; induction of foreign investment by issuing CCDs and equity shares to develop, establish and operate infrastructure as a Category-A internet service provider by Tikona Digital Networks Pvt Ltd, Mumbai;  allowing Chorus Call Conferencing Services India Pvt Ltd  to increase the FDI from existing 51 per cent to 74 of the paid-up capital of the company in telecom sector; To set up a JV with 51 per cent participation by Nokia Corporation by way of equity shares/ compulsorily convertible debentures/ compulsorily convertible preference shares for retail trading of products under the single brand; transfer of business operations by Yamaha Motor India Sales Pvt Ltd to a company engaged in the business of manufacture, sale, import & exports of motorcycles, bi-wheelers and parts thereof.