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12 Foreign Direct Investment (FDI) proposals approved
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Staff Reporter | 16 Jul, 2008
Finance Minister, P. Chidambaram has approved 12 Foreign Direct Investment proposals recommended by Foreign Investment Promotion Board (FIPB) in its meeting held on July 8.
The approval amounts to Rs. 354.13 crore approximately. The proposals are related to Ministries/ Departments, namely Commerce, Information Technology, Road Transport & Highways, Financial Services, Industrial Policy & Promotion, Mines and Telecommunication.
The details of the proposals approved are as follows:
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Sl. No.
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Name of the applicant
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Particulars of the
proposal
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FDI/NRI inflows (Rs. In
crore)
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COMMERCE
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1
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M/s Hammond Hardware Pvt. Ltd., New Delhi
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To set up a JV Company
with a foreign equity of 51% to manufacture items reserved for small scale
sector.
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0.55
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ECONOMIC AFFAIRS
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2
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M/s Consulting Engineering
Services (India) Pvt. Ltd., Delhi
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To induct foreign
investment in operating company and to make downstream investment.
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Not indicated
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INFORMATION TECHNOLOGY
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3
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M/s KLG Systel Ltd., Gurgaon
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Ex Post Facto approval
for issue and allotment of warrants exchangeable with and equivalent number
of equity shares to certain Non-Resident investors in the Business of
Software Development and IT enabled services.
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No Fresh Inflow
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ROAD TRANSPORT & HIGHWAYS
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4
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M/s Costal Projects Pvt. Ltd., Hyderabad
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Conversion of operating
company into an operating cum holding company and continuation of the equity
participation.
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160.00
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COMMERCE
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5
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M/s Avnet India Pvt. Ltd.
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Conversion of operating
company into an operating cum holding company.
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No Fresh Inflow
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ECONOMIC AFFAIRS
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6
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M/s Standard Chartered Bank (Mauritius) Ltd.
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Acquisition of
additional equity either in the form of Compulsorily convertible preference
shares or by way of equity shares and Conversion of operating company into an
operating cum holding company.
Proposal also attracts Press Note 1 of 2005.
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19.45
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FINANCIAL SERVICES
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7
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M/s Unicon Financial
Intermediaries (P) Ltd.
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To increase the foreign
investment in the holding company. The
company is engaged in the commodity broking stock broking and other permitted
non-banking finance activity.
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120.00
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INDUSTRIAL POLICY & PROMOTION
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8
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M/s Marubeni (I) Pvt. Ltd.
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Conversion of operating
company into an operating cum holding company to make downstream investment.
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No Fresh Inflow
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INFORMATION TECHNOLOGY
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9
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M/s Aurionpro Solutions Ltd.
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To issue equity shares
and convertible warrants. Transfer of
shares by way of share swap.
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53.65
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MINES
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10
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M/s Rio Tinto Exploration India
Pvt. Ltd.
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Deletion of condition
in lieu of para 3 of Press Note 7 of 2008, initially stipulated by FIPB.
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No Fresh Inflow
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TELECOMMUNICATION
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11
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M/s Marconi Telecommunication (I)
Pvt. Ltd.
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To issue and allot
equity shares against the trade payables taken over on account of import of
materials, goods and services.
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No Fresh Inflow
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12
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M/s Singtel Australia Holdings Pte
Ltd., Singapore
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Setting up of Joint
venture company with a foreign equity up to 74% to undertake telecom
services. Proposal attracts Press Note
1 of 2005 series.
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0.48
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The following 8 (eight) proposals have been deferred:
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Sl. No
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Name of the applicant
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Particulars of the
proposal
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1
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M/s G4S Corporate Services India
Pvt. Ltd., Gurgaon
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Conversion of existing
status of operating company into foreign owned Indian Holding Company to make
downstream investment.
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2
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M/s Winsome Propbuild Pvt. Ltd.,
New Delhi
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Change of status to
operating cum holding company to make downstream investment.
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3
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M/s G.P. Realtors Pvt. Ltd., New
Delhi
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Change of status to
operating cum holding company to make downstream investment in permitted
activities.
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4
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M/s Geld Consultancy Services Pvt.
Ltd., Mumbai
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To set up JV to carry
out the activities of Global Positioning System Hardware & Software and
services and related equipment fields.
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5
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M/s JT International Mauritius
Pvt. Ltd.
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To increase in foreign
shareholding from 50% to 74%. The
company is engaged in Tobacco sector.
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6
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M/s EZY Infosoft Pvt. Ltd.,
Chandigarh
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Conversion of operating
company into an operating cum holding company, transfer of shares by way of
share swap. Proposal also attracts
Press Note 1 of 2005.
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7
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M/s Elken International (I) Pvt.
Ltd.
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To undertake cash and
carry wholesale trading for the activities for which approval for test
marketing was already obtained
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8
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M/s Delight Investments Pte Ltd.,
Singapore
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Induction of foreign
equity in two Indian companies and to convert their status from operating
company into operating –cum-holding company
for making further downstream investments
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The
following one (1) proposal has been rejected:
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Sl. No
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Name of the applicant
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Particulars of the
proposal
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1
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M/s Freedom Opthaimic Pvt. Ltd.
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Issue of 40% equity
shares to the NRI under the single brand retail trading.
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The proposal of M/s Hughes Communication (India) Ltd has
been advised to apply afresh as per new policy guidelines in telecom sector.
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| Customs Exchange Rates |
| Currency |
Import |
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US Dollar
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