FDI proposals worth Rs 1,820.84 cr cleared
Finance Minister P Chidambaram has approved 18 foreign direct investment proposals worth Rs 1,820.84 crore recommended by the Foreign Investment Promotion Board at its meeting held on May 9.
By ET Online |
MUMBAI: Finance Minister P Chidambaram has approved 18 foreign direct investment proposals worth Rs 1,820.84 crore recommended by the Foreign Investment Promotion Board at its meeting held on May 9.
The proposals are related to heavy industry, higher education, industrial policy & promotion, information & broadcasting, information technology, telecommunications, tourism and economic affairs.
Details of the proposals approved are as follows:
| Applicant | Particulars of proposal | FDI/NRI inflows (Rs. In crore) |
HEAVY INDUSTRY
| Freightcar America Inc. USA | To set up a new JV to undertake test marketing of aluminum railcars besides other activities | 78.00 |
| Aktiebolaget Volvo, Sweden | Induction of foreign equity up to 8.1% by way of acquisition of shares. The proposal attracts Press Note 1 (2005 series) | 123.00 ( US $ 30 million) |
INDUSTRIAL & BROADCASTING
| Thieme Medical & Scientific Publishers. New Delhi | Induction of foreign equity up to 100% in a company engaged in publication of scientific/ technical/ specialty magazines /journals/periodicals | 0.01 |
| Dipti Publications | Induction of foreign equity by way of acquisition and also by way of subscribing to fresh equity shares of a company engaged in publishing of specialty magazines. | 1.82 |
| Vision Corporation Ltd, Mumbai | Regularisation of 0.36% NRI investment In the company. The company is engaged in up-linking non-news and current affairs channels | No fresh Inflow |
| Strika Entertainment India, Gurgaon | To set up a WOS to undertake the activities of publishing scientific magazines and specialty journals including sports related specialty magazines and comic books. | 0.01 |
| Orissa Television Ltd, Bhubaneshwar | Regularization of indirect foreign investment of 7.25% in the company as a result of FDI in the Indian companies which have equity | No fresh inflow |
| DVV Media India. Mumbai | Induction of foreign equity up to 100% in a company engaged in the publication of ���LOG India��� a specialty magazine | 3.00 |
ECONOMIC AFFAIRS
| Greycells Entertainment, Mumbai | Induction of foreign equity up to 100% by way of acquisition of shares partly by way of cash remittances and partly by way of swap of shares | 13.50 |
| RPM International Inc. USA | Induction of foreign equity by way of subscribing to warrants to be converted into equity shares. The company is engaged in the business of manufacturing of polymers | 25.55 |
HIGHER EDUCATION
| Manipal Universal Learning Pvt. Ltd. | Induction of foreign equity in a holding company. | 1435.00 US $ 350 million |
INDUSTRIAL POLICY & PROMOTION
| Cobra Indian Beer | Change in the status of the Indian company from operating company into operating-cum-holding company and to make downstream investment by way of acquiring up to 76% of the paid up capital of M/s. Iceberg Industries Limited | 20.50 US $ 5 million |
TOURISM
| Blue Ridge Hotels | Change in the status of operating company into an operating cum holding company and to make downstream investments in permitted activities | No fresh inflow |
TELECOMMUNICATIONS
| Vodafone Essar | Conversion of operating company into an operating cum holding company to make downstream investment in a company engaged in IP-I category | No fresh inflow |
| Devas Multimedia | Ex-post-facto approval for change in the status of operating company into an operating cum holding company for making downstream investments | No fresh inflow |
INFORMATION TECHNOLOGY
| NAVTEQ Corporation, USA | To set up a WOS to undertake the activities of developing and distributing digital maps and related location-based data used in mobile navigation systems and other navigation and GIS applications | 0.41 |
INFORMATION & BROADCASTING
| HT Media Limited | Transfer of shares by way of share swap | No fresh inflow |
ECONOMIC AFFAIRS
| Indivision India Partners, Mauritius | Induction of foreign equity in a company engaged in Merchant Banking and other NBFC activities | 120.04 |
The following two proposals have been deferred:��
| Applicant | Particulars of the proposal |
| DLF Limitless Developers, New Delhi | Issue of shares in lieu of pre-incorporation expenses |
| Pepsico India Holding | Deletion of divestment condition- extension of time for effecting the same |
��The proposal of Aktiebolaget Volvo, Sweden has been recommended for the consideration of CCEA, as the investment involved in the proposal is above Rs 600 crore.
Applicants LOTTE Confectionery, Korea and ICICI Securities, Mumbai have been advised to access automatic route, as the proposals do not require the approval of FIPB.
The proposal of RMZ Infotech, Bangalore, has been withdrawn.
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