Govt approves two FDI proposals
NEW DELHI, JUNE 14, 2016: BASED on the recommendations of Foreign Investment Promotion Board in its 235 th meeting held on 20 th May 2016, the Government has approved two FDI proposals involving FDI of Rs. 2.19 crore, and recommended one proposal for approval of the Cabinet Committee on Economic Affairs.
1. The following two (02) proposals have been approved:
S. No |
Item No |
Name of the applicant |
Gist of the proposal |
Sector |
FDI (Rs. crore) |
1 |
3 |
M/s Aurobindo Pharma Limited |
M/s Aurobindo Pharma Limited has sought an approval for the following categories: |
Pharma |
2.19 |
2 |
5 |
Sterling Commerce Solutions India Private Limited |
Approval has been sought by Sterling Commerce for acting as an Investing company for |
Investing |
Nil |
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 No |
Name of the applicant |
Gist of the proposal |
Sector |
FDI (Rs. crore) |
1 |
11 |
M/s Holcim (India) Private Limited |
Approval sought by M/s Ambuja Cements Ltd., for 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 company |
(3400) approx. |
The following three (03) proposals have been deferred:
S. No. |
Item No |
Name of the applicant |
Gist of the proposal |
Sector |
1 |
7 |
Mylan Laboratories Limited |
a. Post facto approval for receipt of USD 34,05,869 from Mylan Luxembourg 2 Sarl on 04.12.2013 which was brought in over and above the approved FDI of USD 96 crores in 2013 |
Pharma |
2 |
8 |
Vodafone India Limited |
Approval for the proposed acquisition of the entire share capital (100%) of M/s You Broadband India Limited. |
Telecom |
3 |
12 |
M/s Reckitt Benckiser (India) Limited. |
M/s Reckitt Benckiser (India) Limited, a WOS of the Reckitt group, proposes to acquire 25.028% paid up share capital of M/s Reckitt Benckiser Healthcare India Limited from its current foreign investor viz. M/s Reckitt Benckiser (Singapore) Pte. Ltd., Singapore |
Pharma |
The following seven (07) proposals have been rejected:
S. No. |
Item No |
Name of the applicant |
Gist of the proposal |
Sector |
1 |
2 |
Rizobactor Argentina, S.A |
Approval for making investment in India through creating its wholly owned subsidiary for the purpose of dealing in liquid inoculants and bio-fertilizers and adjuvants. |
Pharma |
2 |
4 |
M/s Indian Energy Exchange Limited |
Approval has been sought by M/s Indian Energy Exchange Limited to remove compounding condition which was imposed vide letter dated 29.05.2015. |
Power exchange |
3 |
6 |
M/s Veritas (India) Limited |
M/s Veritas (India) Limited has sought post facto approval for the issuance of 4,00,000 warrants convertible into equity shares for an aggregate consideration of INR 50 crore. |
Trade and distribution |
4 |
9 |
M/s BMJ Group India Private Limited |
Approval has been sought to expand the scope of its business activities by engaging in the business of publication of certain scientific/specialty healthcare journals/periodical in line with the original edition of foreign publication being published by its holding company i.e. M/s BMJ Publishing Group Limited, United Kingdom. |
Publishing |
5 |
10 |
M/s CevaSanteAnimale |
Approval for investment by in M/s Polchem Hygiene Laboratories Private Limited by way of purchase of shares of the investee company from existing resident shareholders in 2 tranches |
Pharma |
6 |
13 |
M/s Sharekhan limited |
Acquisition of up to 100% of the share capital of Sharekhan Limited other than the shares held in Sharekhan Limited by Human Value Developers Private Limited by BNP Paribas SA France and/or one or more of BNP's French subsidiaries, andacquisition of 100% capital of Human Value Developers Private Limited by BNP and/ or one or more of BNP's French subsidiaries. |
NBFC |
7 |
14 |
M/s Exzatech Solutions Ltd |
Approval has been sought to incorporate a wholly owned subsidiary in India whose main operations would be in the field of IT Sector. As the applicant company is situated in Bangladesh and is going to incorporate a wholly owned subsidiary company in India, it comes under approval route |
IT/ITES |
The following one (01) proposal does not lie before FIPB:
S. No |
Item No |
Name of the applicant |
Gist of the proposal |
Sector |
1 |
1 |
M/s WISKA India Private Limited |
Approval has been sought by M/s WISKA India Private Limited (wholly owned subsidiary of WISKA Hoppmann and Mulsow GmbH), for conversion of import payables of INR 1.35 crore into 13,50,000 equity shares of Rs.10/- each. The applicant purchases goods from WISKA Hoppmann and Mulsow GmbH and resells them in Indian market. Now the company wants to convert part of its old import payables into equity share capital. |
Wholesale trading |