Based
on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting
held on 25th April, 2008, Finance Minister, Shri P. Chidambaram
has approved 15 proposals of Foreign Direct Investment amounting approximately
to Rs. 308.57 crore. The proposals relate
to Ministries/Departments, namely Chemicals
& petro-chemicals, Commerce, Industrial Policy & Promotion, Information
& Broadcasting, Textiles, Steel and Economic Affairs.
The major investment proposals pertain to the Ministries/Departments of
Commerce, Information & Broadcasting and Economic Affairs.
The
Following (15) cases have been approved.
| Sl.
No. | Name
of the applicant | Particulars
of the proposal | FDI/NRI inflows (Rs. In crore) |
CHEMICALS & PETRO-CHEMICALS
| 1 | M/s.
Eshaditi Chemicals Private Limited, Sangli, Maharashtra | Induction
of foreign equity up to 50% in a small scale industrial unit engaged in the manufacture
of potassium permanganate | 0.76 |
COMMERCE
| 2 | M/s.
TRW Aftermarket Asia Pacific Pte. Ltd. Singapore | Induction
of foreign equity up to 49% in a company engaged in the manufacture of automobile
components. Proposal attracts Press Note
1 (2005 series) | 21.20
(US
$ 5.3 mill) |
| 3 | M/s.
CAREL SPA, Italy | Induction
of foreign equity up to 100% in a company engaged in wholesale trading, research
and promotion in relation to products in the field of air-conditioning, refrigeration
and heating. Proposal attracts Press Note
1 (2005 series) | 0.05 (US
$ 13,000) |
| 4 | M/s.
Metal One Corporation, Japan | To
set up a new WOS. Proposal attracts Press
Note 1 (2005 series) | 32.00 (US
$ 8 mill) |
INFORMATION & BROADCASTING
| 5 | M/s.
Images Multimedia Pvt. Ltd. New Delhi | Induction
of foreign equity up to 26% in a company engaged in the publication of specialty
magazines etc. | 33.37 |
TEXTILES
| 6 | M/s.
Birladp carpets Pvt. Ltd. Mumbai | Issue
of shares in lieu of value of capital goods
imported | No
fresh inflow |
ECONOMIC AFFAIRS
| 7 | M/s.
NYSE Euronext, USA | Induction
of foreign equity up to 5% equity of the company engaged in Commodity
exchanges | 218.51
(including
premium) |
| 8 | M/s.
ST microelectronic Pvt. Ltd. Greater Noida | Change
in the status of operating company into an operating-cum-holding company for making
downstream investments | No
fresh inflow |
INDUSTRIAL POLICY & PROMOTION
| 9 | M/s.
Encompass Events Pvt. Ltd. Greater Noida | To
acquire the status of foreign owned Indian operating cum holding company and to
make downstream investment | No
fresh inflow |
| 10 | M/s.
Shell Bitumen India Private Limited | Payment
of royalty to an SPV consequent upon worldwide re-organization and amendment of royalty clause | No
fresh inflow |
| 11 | M/s.
Shell Gas (LPG) India Pvt. Ltd. | Payment
of royalty to an SPV consequent upon worldwide re-organization and amendment of royalty clause | No
fresh inflow |
| 12 | M/s
Shell India Marketing Pvt. Ltd. | Payment
of royalty to an SPV consequent upon worldwide re-organization and amendment of royalty clause | No
fresh inflow |
ECONOMIC AFFAIRS
| 13 | M/s.
ISS Facility Services India Pvt. Ltd. | Induction
of foreign equity in a downstream company by way of acquisition of shares | No
fresh inflow |
COMMERCE
| 14 | M/s.
Sumitomo Heavy Industry Ltd, Japan | To
set up a new WOS to undertake the activities of selling electric plastic injection
moulding machines Proposal attracts Press Note 1 (2005 series) | 1.00 |
STEEL
| 15 | M/s.
Ashwini Steel Pvt. Ltd. | To
set up a small scale Industrial Unit with a foreign equity of 84% to undertake
the manufacture of MS Billets and MS Ingots. | 1.68 |
Total Rs. 308.57
2.
The following four (4 ) proposals have been deferred:
| Sl.
No | Name
of the applicant | Particulars
of the proposal |
| 1. | M/s.
RALF Schneider Holding GmbH, Germany | To
set up a WOS to manufacture auxiliary equipment used in plastic/polymers processing
industry. Proposal attracts Press Note
1 (2005 series) |
| 2 | M/s.
Indivision India Partners, Mauritius | Induction
of foreign equity in a company engaged in Merchant Banking and other NBFC activities |
| 3 | M/s.
Amar Ujala Publication Ltd. | Amalgamation
of two companies consequent upon the order of Hon’ble High court and induction
of fresh FDI |
| 4 | M/s.
Connex Teltech Pvt. Ltd. Bangalore | Induction
of foreign equity up to 74% in a company engaged in ILD Services |
3.
The following proposal has been rejected:
| Sl.
No | Name
of the applicant | Particulars
of the proposal |
| 1 | M/s.
JM Financial Venture Ltd, Mumbai | Induction
of foreign equity in a company by way of subscribing to the shares of an Indian
company engaged in the activity of making investments in equity shares and other
equity linked securities in Indian listed and un-listed companies |
BSC/SS/DN-102/08
(Release ID :38397)