Staff Reporter | 16 May, 2008
Finance Minister, P. Chidambaram has approved 18 Foreign Direct Investment proposals recommended by Foreign Investment Promotion Board (FIPB) in its meeting held on May 9.
The approval amounts to Rs. 1820.84 crore. The proposals are related to Ministries/Departments, namely Heavy Industry, Higher Education, Industrial Policy & Promotion, Information & Broadcasting, Information Technology, Telecommunications, Tourism and Economic Affairs.
The major investment proposals pertain to the Ministries/Departments of Heavy Industry, Higher Education, Information & Broadcasting, Industrial Policy & Promotion and Economic Affairs.
Details of proposals approved are as follows:
| Sl. No. | Name of the applicant | Particulars of the proposal | FDI/NRI inflows (Rs. In crore) |
HEAVY INDUSTRY
| 1. | M/s. Freightcar America Inc. USA | To set up a new JV to undertake test marketing of aluminum
railcars besides other activities | 78.00 |
| 2 | M/s. Aktiebolaget Volvo (publ), Sweden (Regn. No. 100/2008) | Induction of foreign equity up to 8.1% by way of acquisition
of shares. The proposal attracts Press
Note 1 (2005 series) | 123.00 ( US $ 30 million) |
INDUSTRIAL &
BROADCASTING
| 3 | M/s.Thieme Medical & Scientific
Publishers Pvt. Ltd. New Delhi | Induction of foreign equity up to 100% in a company engaged
in publication of scientific/ technical/ specialty magazines /journals/periodicals | 0.01 |
| 4 | M/s. Dipti Publications Pvt. Ltd. | Induction of foreign equity by way of acquisition and also
by way of subscribing to fresh equity shares of a company engaged in publishing
of specialty magazines. | 1.82 |
| 5 | M/s. Vision Corporation Ltd, Mumbai | Regularisation of 0.36% NRI investment In the company. The company
is engaged in up-linking non-news and current affairs channels | No fresh Inflow |
| 6 | M/s. Strika Entertainment India
Private Limited, Gurgaon | To set up a WOS to undertake the activities of publishing
scientific magazines and specialty journals including sports related specialty
magazines and comic books. | 0.01 |
| 7 | M/s. Orissa Television Ltd, Bhubaneshwar | Regularization of indirect foreign investment of 7.25% in
the company as a result of FDI in the Indian companies which have equity | No fresh inflow |
| 8 | M/s. DVV Media India Pvt. Ltd. Mumbai | Induction of foreign equity up to 100% in a company engaged
in the publication of “LOG India” a specialty magazine | 3.00 |
ECONOMIC AFFAIRS
| 9 | M/s. Greycells Entertainment, Mumbai | Induction of foreign equity up to 100% by way of acquisition
of shares partly by way of cash remittances and partly by way of swap of shares | 13.50 |
| 10 | M/s. RPM International Inc. USA | Induction of foreign equity by way of subscribing to warrants
to be converted into equity shares. The
company is engaged in the business of manufacturing of polymers | 25.55 |
HIGHER EDUCATION
| 11 | M/s. Manipal Universal Learning
Pvt. Ltd. | Induction of foreign equity in a holding company. | 1435.00 US $ 350 million |
INDUSTRIAL POLICY
& PROMOTION
| 12 | M/s. Cobra Indian Beer Pvt. Ltd. | Change in the status of the Indian company from operating
company into operating-cum-holding company and to make downstream investment
by way of acquiring up to 76% of the paid up capital of M/s. Iceberg Industries
Limited | 20.50 US $ 5 million |
TOURISM
| 13 | M/s. Blue Ridge Hotels Pvt. Ltd | Change in the status of operating company into an operating
cum holding company and to make downstream investments in permitted activities | No fresh inflow |
TELECOMMUNICATIONS
| 14 | M/s. Vodafone Essar Limited | Conversion of operating company into an operating cum holding
company to make downstream investment in a company engaged in IP-I category | No fresh inflow |
| 15 | M/s. Devas Multimedia Pvt. Ltd. | Ex-post-facto approval for change in the status of operating
company into an operating cum holding company for making downstream investments | No fresh inflow |
INFORMATION TECHNOLOGY
| 16 | M/s. NAVTEQ Corporation, USA | To set up a WOS to undertake the activities of developing
and distributing digital maps and related location-based data used in mobile navigation
systems and other navigation and GIS applications | 0.41 |
INFORMATION &
BROADCASTING
| 17 | M/s. HT Media Limited | Transfer of shares by way of share swap | No fresh inflow |
ECONOMIC AFFAIRS
| 18 | M/s. Indivision India Partners, Mauritius | Induction of foreign equity in a company engaged in Merchant
Banking and other NBFC activities | 120.04 |
Total: Rs.
1820.84
The following two (2) proposals have been recommended
to be deferred:
| Sl. No | Name of the applicant | Particulars of the proposal |
| 1 | M/s. DLF Limitless Developers Private Limited, New Delhi | Issue of shares in lieu of pre-incorporation expenses |
| 2 | M/s. Pepsico India Holding Pvt.
Ltd. | Deletion of divestment condition- extension of time for effecting
the same |
The proposal of M/s.
Aktiebolaget Volvo (publ), Sweden( Regn.
No. 99/2008) has been recommended for the consideration of CCEA, as the investment
involved in the proposal is above Rs. 600.00 crore. The applicants in the
proposal of M/s.
LOTTE Confectionery Co. Ltd. Korea and M/s. ICICI Securities Ltd, Mumbai have been advised to access automatic route,
as the proposals do not require the approval of FIPB.
The proposal of M/s.
RMZ Infotech (Pvt.) Ltd. Bangalore has been withdrawn from the Agenda on
the request of the applicant, a PIB press release added.
