Government approves eight proposals of foreign direct investment amounting to about Rs 696.23 crore

Details of Proposals considered in the Foreign Investment Promotion Board (FIPB) Meeting held on 12.04.2013

Following eight (8) proposals have been approved:
Sl. No. Name of the applicant Particulars of the proposal FDI/NRI inflows (Rs. in crore)
1 M/s McKinsey & Company Inc. India, USA To set up an LLP to be engaged in providing management consultancy services. 0.99
2 M/s AWS Truepower LLC, USA Induction of foreign equity to carry out the business of consultancy services. 0.24
3 M/s NSE Industries, France Induction of foreign equity to undertake the business of manufacture and servicing of products having defence applications. 0.10
4 M/s Pilot Ventures Media Pvt. Ltd., New Delhi Induction of 100% foreign equity to carry out the business of publishing, marketing and distributing NME music Magazine and NME website in India. 0.01
5 M/s GETIT Infoservices Private Limited To increase foreign equity percentage by way of acquisition/fresh issue of shares to carry out the business of specially publishing. 216.00
6 M/s ACME Solar Energy Pvt. Ltd. Haryana To make downstream investment in a company engaged in solar power business. 275.00
7 M/s GeoPost S.A., France Acquisition of shares of an Indian company engaged in the business of commercial express and parcel delivery business segment. 179.04
8 M/s DPD Continental Ltd. Increase in foreign equity participation from 60% to 100% to carry out the business of Courier services other than post. 24.85
The following eight (8) proposals have been deferred:
Sl. No Name of the applicant Particulars of the proposal
1 M/s Sutures (I) Pvt. Ltd. Increase of foreign equity in an existing pharma sector company.
2 M/s Calyx Chemicals & Pharmaceuticals Ltd. To issue IPO to investors including foreign investors to carry out the business of pharmaceutical sector.
3 M/s Total Prosthetics & Onthotics India Pvt. Ltd. Haryana Transfer of shares by way of share swap.
4 M/s BF Elbit Advanced Systems Pvt. Ltd., Pune To set up a new JV company to be engaged in design, development, manufacturing of defence related products.
5 M/s Telenor Mobile Communication AS, Norway To increase foreign equity from 49% to 74% in telecom sector.
6 M/s Tikona Digital Network Pvt. Ltd To increase foreign equity participation in telecom sector.
7 M/s Axiom Consulting Pvt. Ltd. To issue shares to the foreign national as per a pre-agreed price.
8 M/s Veritas (India) Limited Post facto approval has been sought for the issue of warrants. The company is engaged in the business of import, export, trading and distribution of metals and chemical products, power generation.
The following three (3) proposals have been rejected:
Sl. No Name of the applicant Particulars of the proposal
1 M/s Sunil Hitech Engineers Ltd., Nagpur To issue warrants to FIIs to carry out the business of execution of projects in the power and infrastructure sector.
2 M/s Triton Hotels and Resorts Pvt. Ltd. Mumbai Post facto approval for issuance of partly paid up shares. The company is engaged in the business of Hospitality Services.
3 M/s Karuturi Global Ltd., Bangalore Post facto approval has been sought for the issue of warrants to carry out the business of Floriculture & Food processing under controlled conditions.
The following one (1) proposal has been recommended to advise the applicant that the proposal is not within the purview of FIPB:
Sl. No Name of the applicant Particulars of the proposal
1 M/s Tata Advanced Materials Limited, Bangalore Indian company engaged in manufacturing of defence related products has sought post facto approval for shares already held by NRI in the company on portfolio basis.
Decision in the following two (2) proposals will be communicated separately:
Sl. No. Name of the applicant Particulars of the proposal FDI/NRI inflows (Rs. in crore)
1 M/s Bay Capital Investment Ltd, Mauritius Acquisition of shares in a listed Indian Company which is the Core Investment Company of a leading infrastructure developing group of companies. 100.00
2 M/s Hubert Burda Media India Pvt. Ltd WoS of a foreign company to act as an operating cum investing company and to make downstream investment in an Indian company engaged in printing and publishing of magazines. 7.00