Government approves 3 proposals of FDI Rs 60.73 crore

By | May 18, 2016
(Last Updated On: May 18, 2016)

Government approves three (3) proposals of Foreign Direct Investment (FDI) amounting to Rs. 60.73 crore approximately; recommends one proposal for approval of CCEA involving FDI of Rs. 12,973.14 crore.

Based on the recommendations of the Foreign Investment Promotion Board (FIPB) in its 234th meeting held on 29th April 2016, the Government has approved three FDI proposals involving FDI of Rs. 60.73 crore (which includes post facto amount of Rs. 0.25 crore), and recommended one proposal involving FDI of Rs. 12,973.14 crore for approval of Cabinet Committee on Economic Affairs (CCEA).

The following three (03) proposals have been approved:

 

S. NoItem NoName of the applicantGist of the proposalSectorFDI (Rs.  crore)
11Wockhardt LimitedPost facto approval for issuance of ESOPs to its two NRI employees in July 2015.Pharma0.25 (already brought in)
22Aurobindo Pharma LtdClarification and approval regarding grant of ESOPs to NR employee.Pharma0.48
34Advanced Enzyme Technologies LtdApproval for investment proposed to be made by FIIs / NRIs / FPIs / QFIs / AIF/FVCIs pursuant to fresh issue of and offer for sale of 44,73,470 equity shares by certain NRIs and resident shareholders for an aggregate consideration of Rs.  60 crore.Pharma60

 

  1. The following one (01) proposal has been recommended for approval of Cabinet Committee on Economic Affairs (CCEA) under para 5.2.2 of the extant FDI Policy, 2015:
S. No.Item NoName of the applicantGist of the proposalSectorFDI (Rs.  crore)
13M/s Axis Bank ltdApproval to increase foreign investment by FIIs / NRIs/ FPIs / ADRs / GDRs from 62% to 74% on a fully fungible basis subject to the limits prescribed in amended clause 6.2.18.2.2.4(i).Financial services12,973.14
  1. The following eight (08) proposals have been deferred:

 

S. No.Item NoName of the applicantGist of the proposalSector
15M/s Fans Asia Pvt. Ltd.Post Facto approval has been sought for issue and transfer of 6,000 equity shares to non-resident Subscribers without receiving amount of consideration. The shares were issued on the date of incorporation of FAPL (21.10.2009). Inward Remittance was received in January 2010Construction
26DCNSTo set up a company in India (IndiaCo) for the purposes of conducting the business of undertaking design and industrialization studies, research and development activities and manufacturing and maintenance in relation to air independent propulsion systems for submarinesDefence
38Wuxi Yushou Medicare Private LimitedPost-facto approval for receiving foreign investment of 0.87 crores from Wuxi Yushou Medical Appliances Co. Ltd in November 2014, without FIPB approvalPharma
49JCB International Co., LtdApproval for set up a wholly-owned subsidiary company in India in order to support coordination in India for its strategic partnership with National Payments Corporation of India (NPCI) for undertaking the activity of interacting with NPCI to promote RuPay/JCB cards and acting as a communication channel in relation to issues around systems and operations between JCBI and NPCI, but will not issue cards or act as a merchant acquirer.NBFC
510Janalakshmi Financial Services LimitedApproval for swap of sharesNBFC
612M/s. Macmillan Publishers International Ltd, UKApproval has been sought for foreign investment of up to 100% in a new company(‘New Co.)’, proposed to be incorporated in IndiaPublication
713M/s Jasper Infotech Private LimitedMaking downstream investment in M/s Macro Commerce Private Limited by purchasing 50% stake in the company from M/s Den networks Limited, its existing holding company,Uplinking of Non-news TV channel
814One97 Communications LimitedApproval to operate as a Bharat Bill Payment Operating Unit (BBPOU) pursuant to the implementation of Bharat Bill Payment System (BBPS) Guidelines dated 28.11.2014 issued by the RBI.NBFC
  1. The following one (01) proposal has been rejected:
S. No.Item NoName of the applicantGist of the proposalSector
17Mr. Rafique DawoodTransfer of 51,570 shares of M/s Rain Industries Limited allotted to his father, Late Mr. Siddique Dawood in his name.  Mr. Rafique Dawood is the legal heir and son of Late Mr. Siddique Dawood.Manufacturing
  1. The following one (01) proposal does not lie before FIPB:

 

S. NoItem NoName of the applicantGist of the proposalSector
111M/s Funai India Pvt LtdIssuance of equity shares of face value of Rs.  10 each (against fair value of –Rs. 58.44 per share) to its holding company, Funai Electric Co. Ltd, Japan by way of conversion of trade payables as on 31.1.2016.Wholesale Cash and Carry
Direct Taxes Ready ReckonerService Tax Ready ReckonerCompany Law Ready Reckonertax deduction at source
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