4 FDI Proposals Amounting to Rs. 280.00 Crore Approved by FIPB

Further to Para 5 of the Press Release dated January 11, 2013 regarding Foreign Direct Investment (FDI) proposals approved by FIPB, wherein it was stated that decision in case of the Five (5) proposals will be communicated separately, the Central Government has now approved the following Four (4) proposals out of them amounting to Rs. 280.00 crore approximately.

Following 4 (Four) proposals have been approved.
Sl. No. Name of the applicant Particulars of the proposal FDI/NRI inflows(` In crore)
ECONOMIC AFFAIRS
1 M/s IvyCap Ventures Trust To allow NRI investment through normal banking channels in compliance with FEMA Regulations and extant FDI Policy. 200.00
ELECTRONICS & INFORMATION TECHNOLOGY
2 M/s Wipro Limited, Bangalore Transfer of shares by way of swap consequent to a demerger of non-IT activities. The company is engaged primarily in IT sector and also in other diversified activities including defence. Nil
POWER
3 M/s Spanco Power Distribution Ltd., Mumbai Post facto approval to act as an investing company and make downstream investments in its WoS and other companies in the power distribution sector. 80.00
ELECTRONICS & INFORMATION TECHNOLOGY
4 M/s GPX India Private Limited, Maharashtra To issue equity shares to the Foreign Collaborator against import of capital goods/equipment/machinery to carry out the business of setting up of domestic Other Service Provider (OS) (Data Centre) for providing various products and services to its clients/customers. Nil
2. The following 1 (One) proposal has been deferred:
Sl. No Name of the applicant Particulars of the proposal
1 M/s Yalamanchili Software Export Ltd., Chennai Conversion of non-repatriable equity held by majority shareholder to repatriable equity and share swap of this holding to shares of a foreign company.