labels: Economy - general
Government clears 31 FDI proposals worth Rs1,277 crore news
28 January 2009

The government has approved 31 proposals, including that of Dow Jones & Company Inc, for facimile edition of newspapers in India, involving foreign direct investment to the tune of Rs1,277.23 crore. The proposals cover sectors such as telecommunication, urban development, civil aviation, industrial policy and promotion, post and information & broadcasting.

The government approved the proposals after they were cleared by Foreign Investment Promotion Board (FIPB) at its meeting on 9 January. These include: Paul Hartmann Finance BV Netherlands' proposal to set up  a company to undertake wholesale trading. The project is estimated to bring in investment to the tune of Rs1 crore.

Now (Asia) Inc Mauritius has proposed investments to the tune of Rs28 crore to set up a company to manufacture equipment relating to petroleum sector and to enter into wholesale trading to customers in the petroleum sector.

Alcatel Lucent India Ltd, New Delhi, the Indian arm of global telecom major has sought `post facto' approval for conversion of operating company into an operating-cum-holding company to make further downstream investment. This, however, would not involve any fresh investment.

Ramky Enviro Engineers Ltd of Hyderabad has sough permission for conversion of operating company into an operating-cum-holding company to make further downstream investment to the tune of Rs320 crore.

Rama Cylinders Pvt Ltd, Mumbai proposes to issue and allot fully funded/ paid warrants, involving additional capital generation of Rs 84.03 crore.
 
Universal Music India Pvt Ltd, Mumbai has sought post facto approval for conversion of operating company into an operating-cum-holding company to make further downstream investment to the tune of Rs1.20 crore.
 
Cambridge Technology Enterprises Ltd, Hyderabad proposes to transfer shares of up to Rs0.20 crore by way of share swap and issuance of warrants. 

Si2 Microsystems Ltd, Bangalore, proposes to convert from an operating company into an operating-cum-holding company to make further downstream investment to the tune of Rs62.33 crore.

Haven Stead Developer Ltd, Chennai, proposes to convert an operating company into an operating-cum-holding company, involving additional investment of Rs25 crore.

Easiprocess Pvt Ltd, Bangalore, has sought permission to convert an operating company into an operating cum holding company, involving  downstream investment of Rs2 crore.

Millennium Holdings Ltd, Mauritius proposes to convert an operating company into an operating-cum-holding company to make further downstream investment to the tune of Rs14.79 crore.
 
CMS Computers Ltd, Mumbai, has sought approval for conversion of operating company into an operating-cum-holding company, involving  investment of Rs190 crore.
 
Direct Internet Solution Pvt Ltd, Mumbai, proposes conversion of an operating company into an operating-cum-holding company to make further downstream investment. This would not attract any fresh capital flow.

Bridgestone Corporation of Japan proposes to convert operating company into an operating-cum-holding company and make further downstream investment to the tune of Rs 33.30 crore. 

Neilsoft Ltd, Pune, plans a transfer of shares by way of share swap. This would not involve any fresh inflow of funds.
 
Kaefer Punj Lloyd Ltd, Gurgaon, proposes conversion from an operating company to an operating-cum-holding company to make further downstream investment to the tune of Rs25.16 crore.

Bharti Telemedia Limited has sought ex-post facto approval for indirect foreign investment in a company engaged in teleport sector. No fresh inflow is involved. 

Isolux Corsan Indian Engineering & Construction Pvt Ltd, Gurgaon, proposes conversion from an operating company to an operating-cum-holding company to make further downstream investment of around Rs1 crore. 

Kerns Aero Products Pvt Ltd proposes to issue shares against technical knowhow fee, training and supply of designs and issue of warrants to the tune of Rs10 crore.
 
Phillips Electronics India Ltd has sought permission for converting an operating company into an operating-cum-holding company to make further downstream investment. No fresh inflow is involved.

Morgan Stanley Financial Services Pvt Ltd has sought post facto approval for conversion of operating company into an operating-cum-holding company to make further downstream investment of up to Rs100 crore.

Radha Krishna Hospitality Services Ltd has sought post facto approval for conversion of an operating company into an operating-cum-holding company to make further downstream investment. No fresh FDI inflow is involved. 

Pacific Internet Ltd, a company is engaged in providing internet service, proposes to change the shareholding structure. This would involve additional investment of Rs15.84 crore.
 
Onmobile Global Ltd plans to transfer shares held by the company in favour of their 100 per cent WOS. No fresh inflow is involved. 

Cushman & Wakefield India Pvt Ltd has sought permission for deleting one of the clauses of the FC approval. No fresh FDI inflow is expected.

ZF Friendrichsafen AG, Germany, proposes to set up a new joint venture company for manufacturing and marketing of rubber and rubber-to-metal parts for automotive industry, agriculture and construction machinery, railway and construction application.  The proposal involves investment to the tune of Rs005 crore. 

Continental Air Express Pvt Ltd proposes to invest in courier services to the tune of Rs02 crore.
 
Dun & Bradstreet Information Services India Pvt Ltd, Mumbai, proposes to  make investments from its internal accruals or out of fresh remittances from the overseas company or by way of a combination of internal accruals and fresh remittances from the overseas company for equity participation of a minimum of 51 per cent of the paid-up equity share capital and also make further investments. No fresh inflow of funds is involved.

Keystone Realtors Pvt Ltd, Mumbai, has sought permission for conversion of an operating company into an operating-cum-holding company to make further downstream investment to the tune of Rs300 crore.
 
South Asian Regional Investments Singapore Pte Ltd, South Asian Regional Investment Singapore II Pte Ltd, propose sale and transfer of shares from resident shareholders to non-resident for owning and operating a language channel. The proposal involves investment of Rs60 crore.

Dow Jones & Company Inc, will invest Rs 2.16 crore to carry out the publishing of facsimile editions of newspapers. 

The government deferred decision on the following 17 proposals:

The Bank of Nova Scotia, Canada's proposal for setting up a WOS to undertake wholesale trading and hedging in precious metals etc; 

DNATA, UAE proposal to set up a JV company to provide ground handling services for both domestic and international operators as well as cargo handling and related services; 

Ex-post facto approval for Dynamatic Technologies Ltd, Bangalore for  engaging in the business of defence and strategic industries; 

A proposal by Indtech Construction Pvt Ltd, New Delhi for transfer of rights attached with warrants exercisable into equity shares; 

Issue of warrants by Sanlam Investment Management (Pty) Ltd, South Africa and conversion of operating company into an operating-cum-holding company to make further downstream investment, including in a downstream subsidiary is engaged in the commodity broking; 

Transfer of shares by Logix Microsystems Ltd, Bangalore by way of share swap; 

Conversion of ABG Bulk Handling Pvt Ltd, Mumbai from an operating company into an operating-cum-holding company to make further downstream investment; 

Post facto approval for Noida Softwares Technology Park Ltd for conversion of operating company into an operating-cum-holding company to make further downstream investment; 

Transfer of shares by Mahindra Forgings Ltd from a resident to a non-resident on a stock exchange;  

Post facto approval for ABG Kandla Container Terminal Ltd for conversion of operating company into an operating-cum-holding company to make further downstream investment; 

Issue and allotment of cumulative compulsory convertible preference shares by ELbee Express Pvt Ltd, a company engaged in the business of providing courier and logistics services;
 
A proposal by Chorus Call Conferencing Services India Pvt Ltd to increase the FDI from existing 51 per cent to 74 per cent of the paid-up capital of the company in telecom sector; 

A proposal by World Space (I) Pvt Lt to provide/undertake the activities of web-based services; 

Amendment in the existing FIPB approval for Genworth Financial Inc, USA;

A proposal by High Mark Credit Information Services Pvt Ltd, Mumbai to issue and allot up to 10 per cent of the issued share capital; 

A proposal by Broadband Pacenet (India) Pvt Ltd, Mumbai for induction of foreign equity by way of subscribing to or acquisition of shares up to 74 per cent equity of the company.
 
Proposal by JT International Mauritius Pvt Ltd to increase foreign shareholding from 50 per cent to 74 per cent. 

The following four proposal have been rejected:

RBS Credit and Financial Development Pvt Ltd, Kolkata - Conversion of operating company into an operating-cum-holding company to make further downstream investment. 

Vatika Limited, New Delhi - To retain the completed non FDI compliant projects/ assets and to exercise the option to retain the incomplete non-FDI complaint projects/ assets, post the infusion of FDI from various sources.
 
GSR Sugars Pvt Ltd, Hyderabad - To issue ''share option'' convertible into equity shares. 

Meta Telecom Pvt Ltd - Increase in foreign equity from 40 per cent to 73.45 per cent in a company engaged in ILD and NLD Services. 

The following three proposals have been recommended for the consideration of CCEA, as the investment involved in the proposals is above Rs600 crore. 

Orange Realty Pvt Ltd, New Delhi - Conversion of operating company into an operating-cum-holding company to make further downstream investment (Rs2,051 crore). 

NTT Docomo Inc, Japan - Post facto approval for conversion of operating company into an operating-cum-holding company to make further downstream investment (Rs12,924 crore).

NTT Docomo Inc, Japan - Post facto approval for conversion of operating company into an operating-cum-holding company to make further downstream investment (Rs949.07 crore). 

The proposal will be placed before CCEA only after receipt of security clearance from home ministry. 
 
EZY Infosoft Private Limited, Chandigarh has withdrawn its application for conversion of operating company into an operating-cum-holding company, transfer of shares by way of share swap. 


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Government clears 31 FDI proposals worth Rs1,277 crore