{"id":2823,"date":"2016-03-21T20:24:12","date_gmt":"2016-03-21T14:54:12","guid":{"rendered":"https:\/\/taxclick.org\/?p=2823"},"modified":"2016-03-21T20:25:54","modified_gmt":"2016-03-21T14:55:54","slug":"government-has-approved-fifteen-foreign-direct-investment-fdi","status":"publish","type":"post","link":"https:\/\/taxclick.org\/type\/investment\/government-has-approved-fifteen-foreign-direct-investment-fdi\/","title":{"rendered":"Government has approved fifteen Foreign Direct Investment (FDI)"},"content":{"rendered":"

Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its 232nd<\/sup> meeting held on 7th<\/sup>March 2016, the Government has approved fifteen Foreign Direct Investment (FDI) proposals involving FDI of Rs. 7261.6 crore and recommended one proposal for approval of CCEA involving FDI of Rs. 6885 crore.<\/p>\n

The following fifteen (15) proposals have been approved:<\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 The following one (01) proposal has been recommended for approval by the Cabinet Committee on Economic Affairs (CCEA) under para 5.2.2 of the FDI Policy 2015:<\/p>\n\n\n\n\n\n\n\n
S. No<\/strong><\/td>\nItem No<\/strong><\/td>\nName of the applicant<\/strong><\/td>\nGist of the proposal<\/strong><\/td>\nSector<\/strong><\/td>\nFDI (Rs.\u00a0 crore)<\/strong><\/td>\n<\/tr>\n
1<\/strong><\/td>\n5<\/strong><\/td>\nVsoft Technologies Pvt Ltd<\/td>\nPost facto approval for issuing 1,11,11,100 equity shares to\u00a0 VSoft Holdings, Mauritius (which holds 100% equity shares of M\/s\u00a0 VSoft Corporation, USA) by way of swap of shares.<\/td>\nIT \/ITES<\/td>\nNil<\/td>\n<\/tr>\n
2<\/strong><\/td>\n7<\/strong><\/td>\nM\/s Venus Aesthetic LLP<\/td>\nPost facto approval has been sought for foreign equity participation of 51% by Venus Concept Canada Corporation.<\/td>\nLLP<\/td>\nNil<\/td>\n<\/tr>\n
3<\/strong><\/td>\n8<\/strong><\/td>\nBeloorbayir Biotech Ltd<\/td>\nApproval has been sought to:
\n1. Acquire the pharmaceutical business of Bayir Chemicals and the ayurvedic products business of Sneha Natura pursuant to Business Transfer Agreements. All three companies are Indian.
\n2. Pursuant to the above business transfers, foreign investor M\/s India Agri Business Fund Limited (IABF) shall invest up to INR 250 million in BBTL under the FDI route by way of subscription to additional Cumulative Compulsorily Convertible Preference Shares<\/td>\n		Pharma<\/td>\n25<\/td>\n<\/tr>\n
4<\/strong><\/td>\n9<\/strong><\/td>\nM\/s Sun Life Financial (India) Insurance Investments Inc.<\/td>\nApproval has been sought for the acquisition of 23% in Birla Sun Life Insurance Company Limited which is currently held by Aditya Birla Nuvo Limited, thereby, increasing the foreign equity in the company from 26% to 49%.<\/td>\nInsurance<\/td>\n1664<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
5<\/strong><\/td>\n11<\/strong><\/td>\nM\/s Nippon Life Insurance Company<\/td>\nApproval has been sought for proposed foreign direct investment by way of acquisition of a 23% additional stake in Reliance Life Insurance Company Limited, an Indian company, thereby increasing its aggregate shareholding in Reliance Life Insurance Company from 26 percent to 49 percent.<\/td>\nInsurance<\/td>\n2265.5<\/td>\n<\/tr>\n
6<\/strong><\/td>\n12<\/td>\nM\/s Tata AIA Life Insurance Company Ltd<\/td>\nApproval has been sought for increasing the stake of AIA International Limited from 26% to 49% in the company.<\/td>\nInsurance<\/td>\n2055<\/td>\n<\/tr>\n
7<\/strong><\/td>\n16<\/td>\nM\/s PTL Enterprises Ltd<\/td>\nApproval for transfer of 14,90,000 equity shares held by Late Mr. Siddique Dawood (UK based NRI) to his son and legal heir Mr. Rafique Dawood who is a citizen of Pakistan.<\/td>\nManufac-turing<\/td>\n\u00a0Nil<\/td>\n<\/tr>\n
8<\/strong><\/td>\n22<\/td>\nM\/s Sun Pharma Advanced Research Co. Ltd<\/td>\nApproval has been sought by M\/s Sun Pharma Advanced Research Company Limited for the removal of compounding in Para 3 in the approval letter dated 02.11.2015<\/td>\nPharma.<\/td>\nnil<\/td>\n<\/tr>\n
9<\/strong><\/td>\n24<\/td>\nM\/s Almondz Insurance Brokers Pvt Ltd<\/td>\nApproval for the proposed transfer of 49% of its shareholding to M\/s Willis Europe B.V. currently held by resident shareholders.<\/td>\nInsurance<\/td>\n45.54<\/td>\n<\/tr>\n
10<\/strong><\/td>\n25<\/td>\nM\/s Taurus Ventures Ltd<\/td>\napproval, for the issuance of shares to the shareholders of Max India pursuant to a demerger of Max India Limited whereby which each shareholder of Max India would be issued shares in the company in the ratio of 1:1 and M\/s Taurus would become the holding company of Max Healthcare and Max Bupa.<\/td>\nInsurance, Health and Allied Activities<\/td>\nnil<\/td>\n<\/tr>\n
11<\/strong><\/td>\n26<\/td>\nM\/s Quantum Simulators Pvt Ltd<\/td>\nApproval 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\u00a0 M\/s Quantum Simulator has a JV agreement with a Indian company who would be holding 51% and the balance 49% by quantum<\/td>\nDefence<\/td>\n14.7<\/td>\n<\/tr>\n
12<\/strong><\/td>\n27<\/td>\nM\/s Tata Sikorsky Aerospace Limited<\/td>\nApproval has been sought for non-resident to non-resident transfer of 26% of the shares of Tata Sikorsky Aerospace from M\/s United Technologies International Corporation – Asia Private Limited to M\/s Lockheed Martin Global, Inc. (USA).<\/td>\nDefence<\/td>\nnil<\/td>\n<\/tr>\n
13<\/strong><\/td>\n28<\/td>\nM\/s Aviva Life Insurance Co India Ltd<\/td>\nApproval has been sought by Aviva Life Insurance Company India Limited to increase the foreign shareholding from 26% to 49% by Aviva International Holdings Limited, UK by way of transfer of 23% shareholding currently held by Dabur Investment Corp.<\/td>\nInsurance<\/td>\n940<\/td>\n<\/tr>\n
14<\/strong><\/td>\n30<\/td>\nM\/s International Asset Reconstruction Co Pvt Ltd.<\/td>\nApproval 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%.<\/td>\nAsset reconstructions<\/td>\n150<\/td>\n<\/tr>\n
15<\/strong><\/td>\n31<\/td>\nM\/s Raheja QBE General Insurance Co Ltd<\/td>\napproval for transfer of\u00a0 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%.<\/td>\nInsurance<\/td>\n101.85<\/td>\n<\/tr>\n<\/thead>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

The following eight (08) proposals have been deferred:<\/p>\n\n\n\n\n\n\n
S. No.<\/strong><\/td>\nItem No<\/strong><\/td>\nName of the applicant<\/strong><\/td>\nGist of the proposal<\/strong><\/td>\nSector<\/strong><\/td>\n<\/tr>\n
1<\/td>\n3<\/td>\nM\/s RMS Arc Insurance Brokers Pvt Ltd<\/td>\n\u00a0Approval to increase foreign investment in the company from 26% to 49% by way of sale of shares to Risk Management Services, LLC, Oman.<\/td>\nInsurance<\/td>\n<\/tr>\n
2<\/td>\n4<\/td>\nM\/s Whirlpool Asia Pvt Ltd<\/td>\nA company with 99.997% FDI, has sought an approval for converting into a LLP.<\/td>\nLLP<\/td>\n<\/tr>\n
\n

 <\/p>\n

3<\/td>\n

\n

 <\/p>\n

6<\/td>\n

\n

 <\/p>\n

M\/s Bupa Singapore Holdings Pte Ltd<\/td>\n

\n

 <\/p>\n

Approval to increase its investment in Max Bupa Health Insurance Company Limited from 26% to 49% by way of acquisition of shares from Max India Limited<\/td>\n

\n

 <\/p>\n

Insurance<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n
4<\/td>\n20<\/td>\nM\/s Standard Chartered (l) Modeling and Analytics Center Pvt. Ltd<\/td>\nApproval has been sought\u00a0 for the sale of 26% of its shareholding, currently held by Standard Chartered Investments and Loans (India) Limited to Standard Chartered Bank, UK, thereby making it a WoS of the Standard chartered bank, UK<\/td>\nResearch and Analytical<\/td>\n<\/tr>\n
5<\/td>\n29<\/td>\nM\/s Gulf Quarry General Trading FZC<\/td>\nApproval has been sought by GULF QUARRY GENERAL TRADING F.Z.C, UAE\u00a0\u00a0 for investment in an Indian company which is yet to be incorporated for the establishment of a new factory in Amritsar for crushing of gypsum rocks to make gypsum powder, manufacturing of gypsum board etc.<\/td>\nManufacturing<\/td>\n<\/tr>\n
6<\/td>\n33<\/td>\nM\/s HSBC Securities and Capital Markets (India) Pvt Ltd<\/td>\nApproval has been sought for:-
\nI. 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.<\/td>\n<\/tr>\n<\/thead>\n<\/table>\n

II. Incorporating a Wholly Owned Subsidiary (WoS) which will act as a trustee company to HSBC Mutual Fund.<\/p>\n

III. HSBC InvestDirect Financial Services(India) Limited[WoS of HSBC Invest Direct (India) Ltd] to engage into additional activitiesNBFC734ICICI Lombard General Insurance Company Limited, MumbaiApproval has been sought to sell 40,270,010 fully paid up equity shares equivalent to 9% of the share capital of the Company (\u201cSale shares\u201d) to FAL Corporation, an indirect wholly owned subsidiary of Fairfax, for an aggregate consideration of INR 1550.2 Cr.Insurance835ICICI Prudential Life Insurance Company Limited, MumbaiApproval for transfer of 2% of its shares currently held by ICICI Bank Limited (ICICI) to Compassvale Investments Pte. Ltd (Compassvale), a foreign entity and 4% shares to Hasham Traders, a resident Indian entity.Insurance<\/p>\n

The following ten (10) proposals have been rejected:<\/p>\n\n\n\n
S. No.<\/strong><\/td>\nItem No<\/strong><\/td>\nName of the applicant<\/strong><\/td>\nGist of the proposal<\/strong><\/td>\nSector<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n
1<\/td>\n1<\/td>\nM\/s IMCD lndia Pvt Ltd<\/td>\nApproval has been sought for issuing 4,213,814 Equity Shares of Rs. 10 fully paid up at a premium of Rs. 140 per share to IMCD Finance BV in consideration for transfer of IMCD Group BV\u2019s Indian branch into IMCD India pursuant to a court approved scheme of demerger. However, the High Court order has not yet been received.<\/td>\nCash and Carry whole sale trading<\/td>\n<\/tr>\n
2<\/td>\n2<\/td>\nM\/s Apollo Hospitals Enterprise Ltd<\/td>\nApproval for allowing foreign investment by the non-resident shareholders pursuant to the proposed rights issue subject to RBI and other necessary approval.<\/td>\nHealthcare<\/td>\n<\/tr>\n
3<\/td>\n10<\/td>\nM\/s Phenomenex India Pvt Ltd<\/td>\nPost Facto approval has been sought for issue of Shares on non-repatriation basis against Preoperative Expenses, and condonement of the delay in application.<\/td>\nCash and Carry whole sale trading<\/td>\n<\/tr>\n
4<\/td>\n13<\/td>\nM\/s You Broadband India Ltd<\/td>\na) Transaction 1:\u00a0 M\/s You Broadband India Limited (YBIL), a public limited company offered rights issue of shares to all its existing resident and non-resident shareholders on February 6, 2015, at face value Rs.10 for consideration amount Rs. 2.059 crore.
\nb) Transaction 2: YBIL acquired balance 63.76% equity shares of Digital Outsourcing Private Limited (DOPL) on March 20, 2015 for consideration amount Rs. 2.745 crore from its current resident shareholders.\u00a0 DOPL is engaged in providing services which eligible for 100 % foreign investment under automatic route.\u00a0 Necessary intimation for the above acquisition of shares of DOPL by YBIL was duly filed with FIPB. Pursuant to above acquisition, DOPL became wholly owned subsidiary of YBIL.<\/td>\n		Trading<\/td>\n<\/tr>\n
5<\/td>\n14<\/td>\nM\/s Lupin Limited<\/td>\nApproval has been sought for
\nremoval of the compounding condition imposed in the approval letter dated 09.11.2015, for not seeking an approval from FIPB, for issuance of ESOPs prior to 11.06.2015.<\/td>\n		Pharma<\/td>\n<\/tr>\n
6<\/td>\n15<\/td>\nM\/s Perfectmehta Systems Outsourcing India LLP<\/td>\nApproval has been sought for transfer of capital contribution by foreign partner to newly formed Indian LLP. The contribution of the foreign partner has not yet been received.<\/td>\nLLP<\/td>\n<\/tr>\n
7<\/td>\n17<\/td>\nM\/s George Institute of Global Health<\/td>\nPost-facto approval and regularization for\u00a0 allotment of 16,78,492 fully paid up equity shares of Rs 10\/- each, which had been allotted by the applicant to its foreign holding company\u00a0 The George Institute for Global Health, Australia against the remittances received by the third party (M\/s Gandhi & Gandhi).<\/td>\nHealthcare<\/td>\n<\/tr>\n
8<\/td>\n18<\/td>\nM\/s Hive Technologies LLP<\/td>\nApproval has been sought for investment of upto 66.93% by Hive Group Management LLC, USA in Hive LLP, for an aggregate consideration of INR 4,00,000. The applicant seeks to prevent the anticipated breach of downstream conditions applicable to LLPs as per clause (b) of paragraph 3.2.5 of the FDI Policy, upon receipt of foreign direct investment<\/td>\nLLP<\/td>\n<\/tr>\n
9<\/td>\n21<\/td>\nM\/s Barefoot Resorts and Leisure India Pvt Ltd<\/td>\nPost 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.<\/td>\nHospitality<\/td>\n<\/tr>\n
10<\/td>\n23<\/td>\nM\/s Dipon Gas and Infrastructure Pvt Ltd<\/td>\nApproval has been sought\u00a0 for issuing 20,00,000 equity shares of Dipon Gas and Infrastructure Pvt. Ltd at the rate of Rs 10\/- per share to DG Infratech Pte Ltd, Singapore<\/td>\nConstruction<\/td>\n<\/tr>\n<\/thead>\n<\/table>\n
    \n
  1. The following one (01) proposal was withdrawn by the applicant:<\/li>\n<\/ol>\n\n\n\n\n
    S. No.<\/strong><\/td>\nItem No<\/strong><\/td>\nName of the applicant<\/strong><\/td>\nGist of the proposal<\/strong><\/td>\nSector<\/strong><\/td>\n<\/tr>\n
    1<\/td>\n32<\/td>\nEquitas Holdings Ltd<\/td>\nApproval 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.<\/td>\nCIC<\/td>\n<\/tr>\n<\/thead>\n<\/table>\n

    *******<\/strong><\/p>\n

    Source : PIB<\/p>\n","protected":false},"excerpt":{"rendered":"

    Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its 232nd meeting held on 7thMarch 2016, the Government has approved fifteen Foreign Direct Investment (FDI) proposals involving FDI of Rs. 7261.6 crore and recommended one proposal for approval of CCEA involving FDI of Rs. 6885 crore. The following fifteen (15) proposals have been … Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[14],"tags":[202],"yoast_head":"\nGovernment has approved fifteen Foreign Direct Investment (FDI) - All About Finance<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/taxclick.org\/type\/investment\/government-has-approved-fifteen-foreign-direct-investment-fdi\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Government has approved fifteen Foreign Direct Investment (FDI) - All About Finance\" \/>\n<meta property=\"og:description\" content=\"Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its 232nd meeting held on 7thMarch 2016, the Government has approved fifteen Foreign Direct Investment (FDI) proposals involving FDI of Rs. 7261.6 crore and recommended one proposal for approval of CCEA involving FDI of Rs. 6885 crore. 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The team is also responsible for giving the update as earliest and also give the timely reply to the quires asked by the visitors. The team can be reached at info@taxclick.org.","url":"https:\/\/taxclick.org\/author\/admin\/"}]}},"uagb_featured_image_src":{"full":false,"thumbnail":false,"medium":false,"medium_large":false,"large":false,"1536x1536":false,"2048x2048":false,"yarpp-thumbnail":false},"uagb_author_info":{"display_name":"Taxclick Team","author_link":"https:\/\/taxclick.org\/author\/admin\/"},"uagb_comment_info":0,"uagb_excerpt":"Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its 232nd meeting held on 7thMarch 2016, the Government has approved fifteen Foreign Direct Investment (FDI) proposals involving FDI of Rs. 7261.6 crore and recommended one proposal for approval of CCEA involving FDI of Rs. 6885 crore. 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