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Press Information Bureau
Government of India
Ministry of Finance
09-November-2015 12:57 IST
Government Approves Four (4) Proposals of Foreign Direct Investment (FDI) Amounting to Rs. 384.45 Crore Approximately

            Based on the recommendations of Foreign Investment Promotion Board(FIPB) in its Meeting held on 19.10.2015, the Government of India has approved four (04) proposals of Foreign Direct Investment (FDI) amounting to Rs. 384.45 crore.

 

              The following four (04) proposals have been approved:-

 

No

Item No

Name of the applicant

Gist of the proposal

Sector

FDI

1

1

Eucare Pharmaceuticals Private Limited

Approval has been sought by Eucare Pharmaceuticals Private Limited, for foreign investment upto 33% by HCP Healthcare Asia Pte. Ltd, for an aggregate consideration of `15 crores

Pharma

15 crores

2

2

M/s Hanon Systems, South Korea

M/s Hanon Systems, South Korea, has sought approval for the purchase of 10,000 equity shares held by the shareholders M/s Allied Electronics and Automotive Systems Private Limited, Tamil Nadu

Manufacturing

0.01 crores

3

10

M/s Lupin Limited

Lupin Limited, has sought approval for the following:-

I.          Clarification and, if required, approval in respect of ESOPs granted by Lupin prior to 11 June 2015 to the non-resident employees of Lupin or its subsidiaries/joint ventures, as the case may be, which stock options have not been exercised by the employees nor shares otherwise allotted against them by Lupin up to the said date and

II.         Issue of fresh ESOPs to non-resident employees of Lupin or its subsidiaries/joint ventures, as the case may be, by the Board of Lupin after 11 June 2015

Pharma

Rs. 331.64 crore which includes Rs. 108.23 crore Pre- June, 2015 ESOPs.

4

11

M/s BF Elbit Advanced Systems Private Limited

BF Elbit Advanced Systems Private Limited has south approved for increasing the foreign shareholding from 26% to 49% by its existing shareholder M/s Elbit Systems Land and C4I Ltd. Israel.

Defence

37.8 crores

 

Following Five (05) proposals have been deferred:-

 

No

Item No

Name of the applicant

Gist of the proposal

Sector

1

4

M/s Diarough Far East Holdings Pte Ltd, Singapore

Approval has been sought by M/s Diarough Far East Pte. Ltd., to invest in M/s Dia Rays Manufacturing LLP for 75% of their capital

LLP

2

5

M/s RoltaMeprolightPvt Ltd

Approval has been sought for acquisition of 49% in M/s RoltaMeprolight Pvt. Ltd by M/s Meprolight 1990 Ltd for an aggregate consideration of 126 cr. 51% would be held by M/s Rolta India Limited

Defence

3

8

M/s Quantum Simulators Pvt Ltd

Approval to set up a stimulator Manufacturing Company in India for various applications including military and commercial uses in technical collaboration with leading US Company M/s Textron with US $ 15 Billion revenue. Further  M/s Quantum Simulator has a JV agreement with a Indian company who would be holding 51% and the balance 49% by quantum

Defence

4

12

M/s SeQuent Scientific Limited

M/s SeQuent Scientific Ltd has proposed to acquire the entire shareholding Alivira Animal Health Limited (100%) by buying out the minority shareholding of 99,97,941 shares i.e. 26.70% held by Ascent Fund and Devicam, as a consideration Sequent will issue 35,85,413 equity shares(share swap) on a prefential basis at a price of Rs. 669.10 per equity share.

Pharma

5

14

M/s FireFly Networks Limited

Approval sought for 50% existing foreign investment (indirect) and to permit commencement of activities as a Telecom Infrastructure Provider Category-I (IP1).

Telecom

 

            The following four (04) proposals have been rejected:

 

No

Item No

Name of the applicant

Gist of the proposal

Sector

1

3

M/s Barefoot Resorts and Leisure lndiaPvt Ltd

post facto approval of the allotment of 14195 partly paid equity shares of the face value of Rs 100 each issued at a premium of Rs 6900 per share equity share made on 1 October 2009 by the Applicant to its existing NRI Shareholder Fruition Resorts Limited, Mauritius on rights basis

Hospitality

2

6

M/s Franklin Templeton Asset Management (lndia) Pvt Ltd

"Approval has been sought by Franklin Templeton Asset Management (India) Pvt. Ltd, a 100% FOOC for the amendment to the condition in the approval letter dated 10.09.2014 - “The downstream investment of the AIFs would need to be in conformity with the FDI Policy in respect of entry route, caps and conditionalities”.

AIF/VCF

3

7

Jeet Parikh

Approval has been sought for foreign investment by G11 Pty Ltd, Australia as a partner in APT Accounting and Taxation Services LLP, an existing LLP recently incorporated

LLP

4

13

M/s Reliance Globalcom Ltd

Approval sought to purchase M/s GCX India Ltd., an Indian owned and controlled company

Telecom

 

            One (1) proposal does not lie before FIPB:-

 

No

Item No

Name of the applicant

Gist of the proposal

Sector

1

9

M/s Alkem Laboratories Limited

Approval to undertake an IPO of its equity shares through an offer for sale of 1,28,53,442 equity shares of face value of ` 2 each by certain existing shareholders of the Company, The proposed foreign equity will be 10.75%

Pharma

 

 

 

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DSM/MAM/KA