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Government Approves 6 Proposals of FDI

By : Guest on 20 January 2017 E-mail Print Report Abuse


Government Approves Six (6) Proposals of Foreign Direct Investment (FDI) 
 
Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its 242nd Meeting held on 29th December 2016, the Government has approved six FDI proposals as per details enclosed.
 
The following six (06) proposals have been approved:
S. No
Item No
Name of the applicant
Gist of the proposal
Sector
FDI (Rs.  crore)
1
1
M/s Sanofi-Synthelabo (India) Pvt. Ltd.(SSIPL)
Approval has been sought for: (i)   SSIPL to acquire the consumer health care (CHC) business of M/s Boehringer Ingelheim India Private Limited (BI) as a going concern on a slump sale basis; and (ii) The non-compete covenants that have been agreed by Boehringer Ingelheim International GmbH (BII) as part of the global transaction with Sanofi France.
Pharma
Nil
2
2
M/s Boehringer Ingelheim India Pvt. Ltd. (BI India)
Approval has been sought for: (i) Acquisition of the animal health business of Sanofi in India which includes, inter alia, certain assets of SSIPL and (ii) The non-compete covenants set out in the Global AH Agreement to be implemented in India.
Pharma
 156.5
3
4
M/s A. Menarini India Private Limited
Approval has been sought for: (i) Issue of shares to existing foreign investor M/s A. Menarini Asia Pacific Pte Limited, Singapore against receipt/capital infusion of Rs. 80 crore in the Investee Company. (ii) Transfer of one share from Resident Indian Mr. Anandh Balasundaram to M/s A. Menarini Asia Pacific Holdings Pte Limited and (iii) Transfer of 0.076% shares from M/s A. Menarini Australia Pty Limited to A. Menarini Asia Pacific Pte Limited
Pharma
80.00
4
10
M/s Recipharm Participation B.V. Netherlands
         Approval has been sought for: a)    100 % foreign direct investment in a proposed Recipharm Group Indian Investing Company (to be incorporated) and b)100 % investment in an existing pharmaceutical manufacturing company Dagny Pharma Private Limited through the aforesaid Recipharm Group Indian Investing Company
Investing Company/ Pharma
950.00
5
12
Star Den Media Services Private Limited
Approval has been sought for: (a) discontinuing its current business of providing support services to broadcasters in relation to TV channel distribution business, and thus (B) continue to act only as investing company.
Investing Company
Nil
6
15
M/s Idea Cellular Infrastructure Services Limited
M/s Idea Cellular Infrastructure Services Limited (ICISL) is a wholly owned subsidiary of IDEA, which has become a foreign owned company with more that 50% foreign investment. Accordingly, ICISL is also deemed to have foreign investment in excess of 50% as a mirror image of its parent company. The proposal is to take on record the increase of foreign investment in ICISL beyond 50% and allow foreign investment in ICISL up to 67.5%.
Telecom
Nil
 
           
 
The following eight (06) proposals have been deferred:
 
S. No.
Item No
Name of the applicant
Gist of the proposal
Sector
1
6
M/s Gland Pharma Limited
M/s Gland Pharma Limited, a brownfield pharmaceutical Indian company, is seeking approval for its initial acquisition of up to 86.08% by M/s Shanghai Fosun Pharmaceutical (Group) Company Limited, a public listed company incorporated in China through its subsidiaries outside India namely M/s Fosun Pharma Industrial Pte. Ltd. , M/s Fosun Industrial Co Limited,  Ample Up Limited, M/s Lustrous Star Limited and M/s Regal Gesture Limited  and subsequently, Fosun also has the contractual right to acquire 100% shares of Gland Pharma from the other shareholders of the Company in one or more tranches.
Pharma
2
11
M/s Flag Telecom Singapore Pte Limited
M/s Flag Telecom Singapore Pte Limited, Singapore an indirect wholly owned subsidiary of Reliance Communications (RCOM), India has sought approval to acquire 100% shares of M/s Reliance Global Cloud Xchange Limited which has been recently incorporated in June 2016 by Indian residents.
Telecom
3
13
M/s Crest Premedia Solutions Pvt. Ltd
   M/s Crest Premedia Solutions Pvt. Ltd. (CPSPL) has sought approval for issuance of equity shares to the non-resident shareholders of M/s Springer SBM Holding Ltd., a Mauritius Company under a Scheme of Amalgamation. SBM Holding will amalgamate into CPSPL, which is part of the Springer Group of companies.
IT and ITES
4
14
M/s Scientific Publishing Services Pvt Ltd
    Approval has been sought by M/s Scientific Publishing Services Private Limited (SPSPL) for issuance of equity shares to the non-resident shareholders of M/s Springer SBM Services Limited, a Mauritius Company under a Scheme of Amalgamation of SBM Services with SPSPL, pursuant to approval of the High Court.
IT and ITES
5
16
M/s You Broadband India Limited
M/s You Broadband India Limited has sought post facto approval for acquisition of 9,79,875 equity shares of its downstream company M/s Digital Outsourcing Private Limited (DOPL) in lieu of issue of 20,58,759 equity shares to its resident shareholders by way of swap of shares.
Telecom
6
17
Netmagic Solutions Pvt. Ltd
Approval has been sought by Netmagic Solutions Private Limited for the increase in the shareholding of NTT Communications Corporation, Japan in the company from 81.63% to 100%.
Telecom
 
The following three (03) proposals have been rejected:
 
S. No.
Item No
Name of the applicant
Gist of the proposal
Sector
1
3
M/s Tandberg Technology India Pvt. Ltd
Post facto approval for pre-incorporation expenses of Rs. 80, 16,720/- by its parent company and foreign investor M/s Tandberg Telecom AS, Norway (foreign investor). The company has allotted shares against Rs. 77,34,819/-  of pre-incorporation expenses to M/s Tandberg Telecom AS, Norway and Rs 2, 81, 874/- was directly paid to ALMT Legal and it was not accounted in the books of account of the company in the respective Financial year statement. These payments were made in December 2007.
IT and ITES
2
5
M/s AMP Solar India Private Limited
Approval has been sought by M/s AMP Solar India Private Limited, a foreign owned company, for setting up an investing company in India and further investment by the Indian investing company into other Indian investing companies, which, in turn would undertake investment in project SPVs, to be established from time to time.
Investing company
3
9
M/s Bashundhara Paper Mills India Private Limited
Approval has been sought to allow the foreign investor M/s Bashundhara Paper Mills Limited, Bangladesh against the initial subscription of 99.99% shares in the MoA and proposes to undertake Cash and Carry Whole sale Trading/Wholesale Trading of paper napkins, tissue rolls, hygiene products and other related products.
Wholesale Trading
 
 
 
 
The following two (02) proposals do not lie before FIPB:
 
S. No.
Item No
Name of the applicant
Gist of the proposal
Sector
1
7
Standard Chartered (I) Modeling & Analytics Centre Pvt. Ltd
Approval has been sought for sale of 26% shares, currently held by Standard Chartered Investments and Loans (India) Limited to Standard Chartered Bank, UK, thereby making it a WoS of the Standard chartered bank, UK
Research and Analytics
2
8
M/s Menon Bearings Limited
Approval has been sought by M/s Menon Bearings Limited to enter into the activities of defence production. Currently, the company is involved in automobile related manufacturing.
Source : ,

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