Govt approves 5 Proposals of FDI for Rs 6050 crore

By | January 14, 2016
(Last Updated On: January 14, 2016)

Government Approves Five (5) Proposals of Foreign Direct Investment (FDI) Amounting to Rs. 6050.10 Crore Approximately

Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its 229th meeting held on 21st December 2015, the Government has approved five (05) proposals of Foreign Direct Investment (FDI) amounting to Rs. 6050.10 crore.

The following five (05) proposals have been approved:

 

S. No.Item NoName of the applicantGist of the proposalSectorFDI (in Rs. Crore)
15M/s Sai Life Sciences LimitedApproval has been sought for :-

Alpha TC Holdings Pte. Ltd to transfer its shares held in Sai Life to its WoS Alpha FDI Holdings Pte Ltd  and deletion of condition of compounding by the Reserve Bank of India imposed in the approval letter dated 14.08.2015

PharmaNil
28M/s Health Media Publishing M/s Private LtdApproval has been sought for the transfer of its 99.90% shares currently held by Mr Ajit Patel, an NRI to Wellness Technology and Media Private Ltd, UK.Print mediaNil
39M/s Recipharm Participation B.VApproval has been sought for :-

1. Incorporating a WoS in India, which will be engaged in the business of investing in other companies.

Pharma1050
   2. Making downstream investment through the WoS (as mentioned above) in an existing pharmaceutical manufacturing company, Nitin Lifesciences Limited, by buying out shares from the promoters thereby increasing foreign equity to 74%.  
411M/s Buimerc Core Investments Private LimitedApproval has been sought by M/s Buimerc Core Investments Private Limited for transferring of 100% equity shares of NRI investors and Resident Investors to Buimerc Corporation FZE.CIC0.10
516M/s Cadila Healthcare Ltd.Approval for fresh equity infusion of up to Rs. 5000 Crores under FDI Route by QIBs through Qualified Institutional Placement under Chapter VIII (QIP) of SEBI ICDR Regulations on a Private Placement basis for the expansion of the business.Pharma5000

 

The following six (06) proposals have been deferred:

 

S. No.Item NoName of the applicantGist of the proposalSector
11M/s Gulf Quarry General Trading F.Z.C.Approval has been sought for investment in a new factory in Amritsar for crushing of gypsum rocks to make gypsum powder, manufacturing of gypsum board etc in an Indian company which is yet to be incorporated.Mining
22M/s International Asset Reconstruction Company Private LimitedApproval has been sought for purchase of its shares by KKR India Reconstruction Pte. Ltd, Singapore, thereby increasing the foreign equity from 58.75% to 78.96%.Financial services
34M/s Raheja QBE General Insurance Company Limitedapproval for transfer of  23% shares currently held by Prism Cement Limited to QBE Asia Pacific Holdings Limited, Hong Kong, thereby increasing the foreign shareholding in the company from 26% to 49%.Insurance
410M/s   Equitas Holdings Private LimitedApproval has been sought by M/s Equitas Holdings Private Limited for undertaking an IPO in accordance with the provisions of the SEBI ICDR 2009. The Issue comprises a fresh issue and an offer for sale of Equity Shares by certain existing shareholders to eligible non-resident investors including FIIs/FPIs/NRIs.CIC
513M/s HSBC Securities and Capital Markets (India) Private LimitedApproval has been sought for: –
I. Merger of the FIPB approval letter of even no FCII 229(1994)/300(1994) dated 13.05.1994 (read along with 18 amendments) and Approval letter of even no FC II 160(2005)/157(2005) dated 21.06.2005.

II. Incorporating a Wholly Owned Subsidiary (WoS) which will act as a trustee company to HSBC Mutual Fund.
III. HSBC InvestDirect Financial Services(India) Limited[WoS of HSBC Invest Direct (India) Ltd] to engaged into additional activities

NBFC
617M/s Holcim (India) Private LimitedApproval sought by M/s Ambuja Cements Ltd., for the acquisition of 24% shares in its holding company, Holcim (India) Pvt Ltd from the latter’s holding company M/s Holderind Investments Ltd (NR) and subsequent reverse merger through a share swap.Investing

 

The following two (02) proposals have been rejected:

 

S. No.Item NoName of the applicantGist of the proposalSector
17Mr. Mokeme Chiwetal Izuchukwu, NigeriaApproval has been sought to set up a Limited Liability Partnership (LLP) in India for Cash & Carry Wholesale Trading/Wholesale Trading (Including sourcing from MSEs).LLP
212M/s Lanarth Developers Private LimitedApproval has been sought by Lanarth Developers Private Limited for the extension of period of redemption for 10,80,000 (11.25%) Preference shares of Rs.100/- issued to its existing foreign shareholder Baniyas International Private Limited  maturing on March 30, 2015 by three years i.e. on and upto March 30, 2018Construction

 

The following three (03) proposals do not lie before FIPB:

 

S. No.Item NoName of the applicantGist of the proposalSector
1 06M/s Elanco India Private LimitedApproval has been sought for further foreign investment of USD 5 million to 10 million over the next 2 to 3 years from its existing shareholders (via a rights issue) i.e. M/s Elanco Nederlands Holding B.V and M/s Lilly Nederlands Holding B.V  at regular intervals in tranches.Pharma
214M/s Datamark Prodapt India BPO Private Limited, ChennaiThe approval has been sought  for change into its designated partner who has acquired 0.02% of shares of the company resulting change into the shareholding pattern of the companyLLP
315M/s Volvo Asset Finance lndia Pvt LtdAn NBFC has proposed to offer operating lease to its customers, for which company has been advised to seek FIPB approval.NBFC

 

Part (i) of the following proposal does not lie before FIPB and part (ii) has been rejected:

 

S. No.Item NoName of the applicantGist of the proposalSector
13M/s MPC Rhine River Limited(i)         Sell and transfer its shareholding in AKME Rhine River Projects Private Limited to a third party buyer, whether resident or non- resident, whether directly or indirectly, and/or

(ii)       Transfer the construction development project being undertaken by AKME Rhine River Projects Private Limited to a third party buyer, whether resident or non- resident without any further requirement of Government approval upon identification of the third party buyer.

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Ministry of Finance 14-January, 2016

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