New Delhi: Singapore is increasingly popular becoming a popular destination among Indian companies keen on globalising their businesses. “Singapore is seen (by Indian companies) as home away from home for their business growth on the international front because Asia is booming,” according to Mr Lee Eng Keat, International Director at Singapore’s Economic Development Board (EDB). So far, Indian companies have invested US$ 14.11 billion during 2008-09 and 2011-12 in Singapore, said Mr Keat.
Several IT companies will accompany the other Indian enterprises already operating out of the city state. In addition, an Indian pharmaceutical major plans to set up its regional office in Singapore this year. “This year we will be garnering more Indian IT investments into Singapore as well as potentially a pharmaceutical project as well,” said Mr Keat. However, the name of pharma company was not disclosed.
Mr Keat was confident that more and more bio-pharmaceutical and pharmaceutical companies would be locating their regional offices in Singapore.
The advance levels of medical, diseases and drug researches undertaken by Singapore-based institutes would support Indian pharma companies’ global market plans.
Singapore was inviting international corporations in the field of pharmaceuticals to set up operations and business here, Mr Keat added.
“We do feel that there are groups of companies in India that are looking into innovative drug developments and formulation capabilities and delivery mechanism,” said Mr Keat.
More than 4,500 Indian companies have set up operations in Singapore to globalise their businesses or trades, making it the largest business community in corporate Singapore, ahead of the Chinese, Malaysians and Indonesians.
Indian companies are looking at advantages of Singapore’s free trade agreements with China, Australia and Southeast Asia. These treaties will enable them to lower the tariff for their exports of goods into these markets. Singapore offers basic financing need to these companies.
Mr Keat observed India was looking to increase its trade with China, and pointed out that Singapore offered one of the most competitive foreign exchange options, including Renminbi/Yuan (RMB). Singapore has recently been acknowledged asthe second clearing centre for RMB.
China appointed the Industrial and Commercial Bank of China Singapore branch as the clearing bank for RMB in Singapore in February 2013.
Mr Keat highlighted options of Singapore’s other financial capabilities including convertible bonds, currency hedging and participation in the equity markets.
The top Indian companies operating out of Singapore, includes Tata Consultancy Services (TCS) and HCL Technologies as well as infrastructure group Punj Lloyd, highlighted Mr Keat.
“These companies see Singapore as a home for innovation. They are actually creating new solutions for their global clients,” he added.
These companies have also built their skilled manpower from the cosmopolitan workforce in Singapore and international operations, said Mr Keat.
TCS had recruited its top management from Singapore for setting up operations in China, he added.
Success in my Habit
Thursday, April 4, 2013
Monday, April 1, 2013
Gandhigram Rural Institute, CII pact
Madurai: Gandhigram Rural Institute (GRI) at Gandhigram in Dindigul district, near here and the Confederation of Indian Industry (CII)-Institute of Logistics have signed a memorandum of understanding (MoU) to work on focussed education programme, to encourage joint research initiatives and establish knowledge partnerships.
According to GRI ‘s N. Narayanaswamy, at present, rural logistics and supply chain management is one of the emerging areas, possessing lot of avenues for accelerated rural economic growth.
The GRI will work in rural logistics and supply chain-based activities such as structured training, faculty exchange, sharing of resources and facilities, short-term courses and mega events, partnering in rural projects and joint efforts on vocational training, he added.
The MoU was signed by Vice-Chancellor M.S. Ramasamy and K.V. Mahidhar. Head , CII, Chennai.
According to GRI ‘s N. Narayanaswamy, at present, rural logistics and supply chain management is one of the emerging areas, possessing lot of avenues for accelerated rural economic growth.
The GRI will work in rural logistics and supply chain-based activities such as structured training, faculty exchange, sharing of resources and facilities, short-term courses and mega events, partnering in rural projects and joint efforts on vocational training, he added.
The MoU was signed by Vice-Chancellor M.S. Ramasamy and K.V. Mahidhar. Head , CII, Chennai.
NTPC commissions its first solar power plant at Dadri
New Delhi: NTPC, the largest coal based power producer of the country commissioned it first solar power project. Its 5mwp (megawatt-peak) solar photo-voltaic (pv) plant at the Dadri thermal power station will start functioning from March 30 thwith an estimated annual generation of 7.26 million units.
The total project capital cost is put at Rs. 48.59 crore. Wipro limited has designed the project over 27 acres of land within the premises of existing NTPC Dadri plant.
The power generated by the solar plant will fed in the gas-based Dadri plant's transmission line through a series of inverters and step-up transformers. This would be further transmitted to the grid. The beneficiary of the project is GRIDCO ltd. in Orissa.
NTPC hopes to reduce carbon emission by the rate of 0.82 million tonnes /mw-hour and thus help in environment protection. NTPC plans to add 20mw of solar pv during the next fiscal.
The company has also installed a weather station in the solar pv area to record the readings for solar insulation, ambient temperature & wind speed to monitor the generation performance of solar plant.
The total project capital cost is put at Rs. 48.59 crore. Wipro limited has designed the project over 27 acres of land within the premises of existing NTPC Dadri plant.
The power generated by the solar plant will fed in the gas-based Dadri plant's transmission line through a series of inverters and step-up transformers. This would be further transmitted to the grid. The beneficiary of the project is GRIDCO ltd. in Orissa.
NTPC hopes to reduce carbon emission by the rate of 0.82 million tonnes /mw-hour and thus help in environment protection. NTPC plans to add 20mw of solar pv during the next fiscal.
The company has also installed a weather station in the solar pv area to record the readings for solar insulation, ambient temperature & wind speed to monitor the generation performance of solar plant.
MIT looks at boosting research ties with India
New Delhi: Massachusetts Institute of Technology (MIT) is keen on developing collaborations with Indian institutes to further the research being undertaken in India, said Rafael Reif, President, MIT.
Reif, who was addressing the Assocham-Rai Foundation Talk, said the institute believed in developing partnerships that would be mutually beneficial and make both parties stronger.
However, he added that MIT was not looking at starting a campus in India.
“There are important global challenges that MIT wants to work on,” Reif said, adding that the institute was identifying institutions in India to collaborate with. He said MIT was open to working with public establishments as well as private parties.
Science and Technology Minister S. Jaipal Reddy also proposed an exchange of scientists and research scholars between India and MIT and extend it to industrial research, especially in the area of biotechnology.
He said strengthening collaboration with MIT would help shore up research capabilities in both countries.
“It is important for us to note that original research in India is still almost completely funded by the Government. We have real talent in these Government-funded laboratories,” Reddy said.
Reif, who was addressing the Assocham-Rai Foundation Talk, said the institute believed in developing partnerships that would be mutually beneficial and make both parties stronger.
However, he added that MIT was not looking at starting a campus in India.
“There are important global challenges that MIT wants to work on,” Reif said, adding that the institute was identifying institutions in India to collaborate with. He said MIT was open to working with public establishments as well as private parties.
Science and Technology Minister S. Jaipal Reddy also proposed an exchange of scientists and research scholars between India and MIT and extend it to industrial research, especially in the area of biotechnology.
He said strengthening collaboration with MIT would help shore up research capabilities in both countries.
“It is important for us to note that original research in India is still almost completely funded by the Government. We have real talent in these Government-funded laboratories,” Reddy said.
Port sector gets 14 PPP projects
New Delhi: As FY13 draws to a close, the Union shipping ministry has awarded 14 public-private partnership (PPP) port projects, which will bring in an additional capacity of 80 million tonnes per annum (mtpa) at an investment of Rs 5,600 crore.
Overall, 26 port projects have been awarded, bringing in a capacity augmentation of 114 mtpa. In addition, the government has awarded a Rs 785-crore project for development of a ship repair facility at Cochin port.
The government could award only three projects in FY12, which included the Rs 8,000-crore fourth container terminal at Jawaharlal Nehru Port. The project will be up for a re-bid in the next financial year. For FY14, the shipping ministry plans to add a capacity of 250 million tonne through public and private investment.
Most of the projects awarded this year have spilled over from last year. Even so, the ministry is patting itself on the back for the number of projects awarded this year, the meagre capacity enhancement notwithstanding. “We have constantly been monitoring the award of projects and expediting the clearances for projects. This year, the Prime Minister has kept a close watch on the status of infrastructure projects of the country,” said a senior shipping ministry official.
The increase in capacity has been accompanied by a fall in traffic at the 12 major ports. During April-February 2013, total cargo handled at major ports came down by 2.5 per cent to 498 million tonnes.
The target given by Finance Minister P Chidambaram to the shipping ministry for FY13 involved a total investment of Rs 35,000 crore and a capacity addition of 244 million tonnes. The shipping ministry has managed to achieve 18 per cent of the targeted investment. While the industry had called the target given by the PM unrealistic, the government felt that by setting a high target it could achieve much more than it could by eyeing a realistic number.
However, as many as 20 of the 27 projects awarded this financial year have an annual capacity of less than five million tonnes. The biggest project awarded this year includes two single-point mooring system for Indian Oil’s refinery at the Paradip port. The total cost of the project is estimated at around Rs 1,500 crore with a capacity of 22 mtpa.
Overall, 26 port projects have been awarded, bringing in a capacity augmentation of 114 mtpa. In addition, the government has awarded a Rs 785-crore project for development of a ship repair facility at Cochin port.
The government could award only three projects in FY12, which included the Rs 8,000-crore fourth container terminal at Jawaharlal Nehru Port. The project will be up for a re-bid in the next financial year. For FY14, the shipping ministry plans to add a capacity of 250 million tonne through public and private investment.
Most of the projects awarded this year have spilled over from last year. Even so, the ministry is patting itself on the back for the number of projects awarded this year, the meagre capacity enhancement notwithstanding. “We have constantly been monitoring the award of projects and expediting the clearances for projects. This year, the Prime Minister has kept a close watch on the status of infrastructure projects of the country,” said a senior shipping ministry official.
The increase in capacity has been accompanied by a fall in traffic at the 12 major ports. During April-February 2013, total cargo handled at major ports came down by 2.5 per cent to 498 million tonnes.
The target given by Finance Minister P Chidambaram to the shipping ministry for FY13 involved a total investment of Rs 35,000 crore and a capacity addition of 244 million tonnes. The shipping ministry has managed to achieve 18 per cent of the targeted investment. While the industry had called the target given by the PM unrealistic, the government felt that by setting a high target it could achieve much more than it could by eyeing a realistic number.
However, as many as 20 of the 27 projects awarded this financial year have an annual capacity of less than five million tonnes. The biggest project awarded this year includes two single-point mooring system for Indian Oil’s refinery at the Paradip port. The total cost of the project is estimated at around Rs 1,500 crore with a capacity of 22 mtpa.
India signs tax info exchange pact with Liechtenstein
New Delhi: India on Thursday signed a tax information exchange agreement (TIEA) with the tiny central European principality of Liechtenstein, a move which would make it easier to track illegal money stashed by Indian citizens there.
The agreement was signed in Bern, Switzerland, by Indian High Commissioner to Switzerland, Chitra Narayanan, and Ambassador of Liechtenstein to Switzerland, Doris Frick. It will come into force from April 1, 2013.
The pact is based on international standards of transparency and exchange of information.
There is a specific provision that the requested party shall provide information asked for even though it is not needed for its own tax purposes. There is also a specific provision for providing banking and ownership information.
Liechtenstein, a low tax jurisdiction, came in the national spotlight in 2010, after it was found that some Indians had opened secret accounts in its LGT Bank. In the absence of a bilateral treaty, India could not seek any details on these Indians.
The agreement was signed in Bern, Switzerland, by Indian High Commissioner to Switzerland, Chitra Narayanan, and Ambassador of Liechtenstein to Switzerland, Doris Frick. It will come into force from April 1, 2013.
The pact is based on international standards of transparency and exchange of information.
There is a specific provision that the requested party shall provide information asked for even though it is not needed for its own tax purposes. There is also a specific provision for providing banking and ownership information.
Liechtenstein, a low tax jurisdiction, came in the national spotlight in 2010, after it was found that some Indians had opened secret accounts in its LGT Bank. In the absence of a bilateral treaty, India could not seek any details on these Indians.
Thursday, March 28, 2013
Infosys wins accolade as one of the top companies to intern in the UK
Bengaluru: The National Council for Work Experience (NCWE) Awards 2013, which are in their tenth year of recognising and rewarding employers who provide high quality internships to students and graduates, has awarded this accolade to Infosys, according to a company statement.
The Infosys InStep programme, which commenced in 2009 and offers students a three-month placement in India, has won the Work Placement of the Year crown in the category for best large organisation (more than 250 employees) with short-term placements of up to three months. The judges praised Infosys for providing cultural diversity opportunities and commended a three-tier support system and for putting considerable consideration into engaging students over the longer term despite it being a short-term placement.
Carol McCarthy, Head of Human Resources in EMEA for Infosys said: “The Infosys InStep programme is designed to provide a forum for cultural exchange and helps bring fresh ideas into the company. As well as raising awareness of the Infosys brand among future leaders, we hope to prepare a younger generation for the global marketplace in which they will forge their careers.”
Categories in NCWE cover organisations large and small, and all sectors including charities and public sector companies.
The Infosys InStep programme, which commenced in 2009 and offers students a three-month placement in India, has won the Work Placement of the Year crown in the category for best large organisation (more than 250 employees) with short-term placements of up to three months. The judges praised Infosys for providing cultural diversity opportunities and commended a three-tier support system and for putting considerable consideration into engaging students over the longer term despite it being a short-term placement.
Carol McCarthy, Head of Human Resources in EMEA for Infosys said: “The Infosys InStep programme is designed to provide a forum for cultural exchange and helps bring fresh ideas into the company. As well as raising awareness of the Infosys brand among future leaders, we hope to prepare a younger generation for the global marketplace in which they will forge their careers.”
Categories in NCWE cover organisations large and small, and all sectors including charities and public sector companies.
Vizag port to take up 3 development projects worth Rs 1,800 crore
Visakhapatnam: Three major projects, with an investment of Rs 1,800 crore, are being taken up in Visakhapatnam port and the finalisation of bids is being undertaken this week.
The bids for extension of container terminal, involving an investment of Rs 633 crore, were opened on Wednesday. The bids for mechanisation and upgradation of existing facilities at iron ore handling complex (OHC) and West Quay North (WQ-7 and 8 berths) are to be opened on Thursday.
The OHC and WQ North projects will involve an investment of Rs 845 crore and Rs 393 crore respectively according to the revised estimates. The cargo mix for WQ North berths will be for handling bulk cargoes like bauxite, gypsum, blast furnace slag, manganese and other categories of ore.
“The finalisation will be based on revenue sharing offered to us subject to approval by the committee of experts set up by Visakhapatnam Port Trust (VPT) and the board of trustees,” a senior official said. The OHC project has to get the nod from the Union Cabinet. These projects, as part of Ministry of Shipping’s decision, will be taken up under Design, Build, Finance, Operate and Transfer basis.
Sources said OHC mechanisation was initially planned by VPT on its own to increase handling of iron ore by taking loan from Japan Bank for International Cooperation (JBIC).
This was dropped due to some technical problems. However, part of the originally proposed loan may be taken from the JBIC to fund dredging.
VPT will be spending Rs 13,940 crore on the several ongoing projects to take the capacity to 149 million tonnes by 2019-20.
The bids for extension of container terminal, involving an investment of Rs 633 crore, were opened on Wednesday. The bids for mechanisation and upgradation of existing facilities at iron ore handling complex (OHC) and West Quay North (WQ-7 and 8 berths) are to be opened on Thursday.
The OHC and WQ North projects will involve an investment of Rs 845 crore and Rs 393 crore respectively according to the revised estimates. The cargo mix for WQ North berths will be for handling bulk cargoes like bauxite, gypsum, blast furnace slag, manganese and other categories of ore.
“The finalisation will be based on revenue sharing offered to us subject to approval by the committee of experts set up by Visakhapatnam Port Trust (VPT) and the board of trustees,” a senior official said. The OHC project has to get the nod from the Union Cabinet. These projects, as part of Ministry of Shipping’s decision, will be taken up under Design, Build, Finance, Operate and Transfer basis.
Sources said OHC mechanisation was initially planned by VPT on its own to increase handling of iron ore by taking loan from Japan Bank for International Cooperation (JBIC).
This was dropped due to some technical problems. However, part of the originally proposed loan may be taken from the JBIC to fund dredging.
VPT will be spending Rs 13,940 crore on the several ongoing projects to take the capacity to 149 million tonnes by 2019-20.
Abu Dhabi based Etihad Airways inks wet lease pact with Jet Airways
Mumbai: Jet Airways, India's second largest airline by market share, has leased a wide body aircraft along with 60 of its cabin crew to Abu Dhabi based Etihad Airways, a move that indicates a burgeoning partnership, even before the two airlines ink an equity stake sale.
In aviation parlance, a wet lease of an aircraft is an arrangement whereby the lessor, in this instance Jet, provides crew, maintenance and aircraft for a consideration. In turn the lessor takes on the responsibility for supplying and operating the aircraft.
The cabin crew will be trained by Etihad in Mumbai over the next three months. This is the second such collaborative agreement between the two carriers who are engaged in protracted discussions for over three months for an equity partnership and a strategic alliance. Jet had earlier announced a sale and lease back of Jet's Heathrow-London slots for $70 million in February to Etihad. Confirming this, Jet CEO Nikos Kardassis said the crew was surplus with Jet as it has withdrawn flights to its European hub in Brussels originating from Chennai.
"We enter into a wet lease agreement with Etihad for one A330-200. Since we stopped the Chennai-Brussels flight, we have excess qualified A330 cabin crew based in Chennai. We will use this crew for the wet lease operation with Etihad," Kardassis texted in response to ET's query over the issue.
Jet has a fleet of over 100 aircraft, including the 11 Airbus A330-200 type that it deploys on long haul international flights. Jet took delivery of a different series of this aircraft, the A330-300 in December last year and said it will induct another three soon to expand its Airbus wide body aircraft fleet. Jet deployed the 300 series aircraft on the Mumbai-Brussels route. The A330-300 will also replace two leased A330-200 type, the airline had said.
Aviation analysts see this move by Jet to wet lease aircraft to Etihad as the beginning of many more of such initiatives to be announced by the Naresh Goyal-promoted carrier as the deal between the two is seen as a more comprehensive strategic and collaborative alliance and not just an equity deal.
The airline has sought additional seats to Abu Dhabi for its summer schedule (some reports suggest 10,000 more seats) and according to the civil aviation minster Ajit Singh, the ministry is also considering a more comprehensive code-share request by Jet with Etihad. Some aviation analysts see the manpower supply from India to Middle Eastern countries as a crucial part of the tie-up between the Indian carrier and the fast expanding Etihad.
"The HR is critical part of this deal and we expect Etihad will increasingly depend on Jet to supply trained manpower for their expansion.
The wet leasing of the crew is the just the beginning. India provides low cost and trained manpower with ability to deliver higher productivity to the Middle East (ME) carriers and is vital component of their business model. Given the size of their (ME carriers) expansion, sourcing manpower from India/south Asia will increase significantly in the near term," said Kapil Kaul, CEO, South Asia, Centre for Asia-Pacific Aviation. He added that Jet has always very successfully managed to sub-lease their wide body aircraft as and when required. "Etihad will continue to provide strategic support to Jet," said Kaul.
In aviation parlance, a wet lease of an aircraft is an arrangement whereby the lessor, in this instance Jet, provides crew, maintenance and aircraft for a consideration. In turn the lessor takes on the responsibility for supplying and operating the aircraft.
The cabin crew will be trained by Etihad in Mumbai over the next three months. This is the second such collaborative agreement between the two carriers who are engaged in protracted discussions for over three months for an equity partnership and a strategic alliance. Jet had earlier announced a sale and lease back of Jet's Heathrow-London slots for $70 million in February to Etihad. Confirming this, Jet CEO Nikos Kardassis said the crew was surplus with Jet as it has withdrawn flights to its European hub in Brussels originating from Chennai.
"We enter into a wet lease agreement with Etihad for one A330-200. Since we stopped the Chennai-Brussels flight, we have excess qualified A330 cabin crew based in Chennai. We will use this crew for the wet lease operation with Etihad," Kardassis texted in response to ET's query over the issue.
Jet has a fleet of over 100 aircraft, including the 11 Airbus A330-200 type that it deploys on long haul international flights. Jet took delivery of a different series of this aircraft, the A330-300 in December last year and said it will induct another three soon to expand its Airbus wide body aircraft fleet. Jet deployed the 300 series aircraft on the Mumbai-Brussels route. The A330-300 will also replace two leased A330-200 type, the airline had said.
Aviation analysts see this move by Jet to wet lease aircraft to Etihad as the beginning of many more of such initiatives to be announced by the Naresh Goyal-promoted carrier as the deal between the two is seen as a more comprehensive strategic and collaborative alliance and not just an equity deal.
The airline has sought additional seats to Abu Dhabi for its summer schedule (some reports suggest 10,000 more seats) and according to the civil aviation minster Ajit Singh, the ministry is also considering a more comprehensive code-share request by Jet with Etihad. Some aviation analysts see the manpower supply from India to Middle Eastern countries as a crucial part of the tie-up between the Indian carrier and the fast expanding Etihad.
"The HR is critical part of this deal and we expect Etihad will increasingly depend on Jet to supply trained manpower for their expansion.
The wet leasing of the crew is the just the beginning. India provides low cost and trained manpower with ability to deliver higher productivity to the Middle East (ME) carriers and is vital component of their business model. Given the size of their (ME carriers) expansion, sourcing manpower from India/south Asia will increase significantly in the near term," said Kapil Kaul, CEO, South Asia, Centre for Asia-Pacific Aviation. He added that Jet has always very successfully managed to sub-lease their wide body aircraft as and when required. "Etihad will continue to provide strategic support to Jet," said Kaul.
Government Approves 6 Proposals of Foreign Direct Investment Amounting to Rs. 732.77 Crore Approximately
New Delhi: Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on March 6, 2013, the Government has approved six (6) Proposals of Foreign Direct Investment (FDI) amounting toRs.732.77 crore approximately.
Details of Proposals considered in the Foreign Investment Promotion Board (FIPB) Meeting held on 06.03.2013:
Following Six (6) proposals have been approved.
Sl. No. Name of the applicant Particulars of the proposal FDI/NRI inflows(` In crore)
ECONOMIC AFFAIRS (CM DIVISION)
1 M/s SIDBI Social Venture Trust, Mumbai To allot Class A units of the Fund to bring foreign investment. 285.00
ROAD TRANSPORT & HIGHWAYS
2 M/s Navayuga Road Projects Pvt. Ltd., Hyderabad To act as an investing company and to make downstream investments in its Special Purpose Companies. 357.60
CIVIL AVIATION
3 M/s AirAsia Investment Ltd., Malaysia To set up a JV company to undertake the business of operation of scheduled passenger airlines. 80.98
4 M/s Farnair Switzerland A.G., Switzerland To increase FDI in an Air Transport Business Company by purchase of shares from Indian shareholder. 1.35
PHARMACEUTICALS
5 M/s AET Laboratories Pvt. Ltd., Hyderabad Induction of additional foreign equity in a pharmaceutical company. 5.34
DEFENCE PRODUCTION
6 M/s Bharat Electronics Limited, Bangalore To set up a JV company to carry out the business of Design, Development, marketing, supply and support of civilian and select defence Radars for Indian and global markets. 2.5
2. The following Seven (7) proposals have been deferred:
Sl. No Name of the applicant Particulars of the proposal
1 M/s ICICI Venture Funds Management Company Ltd., Mumbai To bring fund from a foreign limited liability company FVCI for making investment in the units of a Trust for making investments in Portfolio companies in India.
2 M/s P5 Asia Holding Investments (Mauritius) Limited, Mauritius NR to NR transfer of shares to carry out the business of (a) Broadcasting a non- news and current affairs television channel namely “StarCJ alive” Channel; (b) wholesale cash and carry trading of products; and (c) creation of home shopping content for broadcast through any and all mediums, including the channel, all within India.
3 M/s Premier Medical Corporation Limited, Mumbai Induction of foreign equity in a pharmaceutical company.
4 M/s Fullife Healthcare Pvt. Ltd., Mumbai Induction of foreign equity in a pharmaceutical company to carry out the business of in-licensing, developing, getting products manufactured from third party and out-licensing the marketing rights of unique healthcare solution in the field of food supplements, non-critical diagnostics and pharma products.
5 M/s Barefoot Resorts & Leisure India Pvt. Ltd., Chennai Post facto approval for issuance of partly paid up shares to carry out the business of leisure tourist resorts both on wholesome basis and on time share basis.
6 M/s Highdell Investment Ltd., Mauritius Induction of foreign equity in an investment holding company.
7 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.
3. The following one (1) proposal has been rejected:
Sl. No Name of the applicant Particulars of the proposal
1 M/s Prithvi Information Solutions Ltd., Andhra Pradesh Issue of warrants to carry out the business of end-to-end solutions in information technology, RF engineering and knowledge service apart from providing consulting and staff augmentation.
4. The following one (1) proposal has been recommended to advise the applicant to approach the Reserve Bank of India (RBI).
Sl. No Name of the applicant Particulars of the proposal
1 M/s Copper Beech Infrastructure Pvt. Ltd., New Delhi Request for deletion of compounding condition. The company is engaged in the business of setting up of Educational Infrastructure.
5. The following one (1) proposal has been advised that FIPB approval is not required:
Sl. No Name of the applicant Particulars of the proposal
1 M/s Artura Pharmaceuticals Pvt. Ltd., Chennai Post facto approval for issuance of shares in a pharmaceutical company.
6. The following one (1) proposal has been advised to access automatic route.
Sl. No Name of the applicant Particulars of the proposal
1 M/s Woory Automotives India Pvt. Ltd., Chennai An operating cum investing company to make downstream investment.
7. The following Two (2) proposals have been withdrawn from the Agenda:
Sl. No Name of the applicant
1 M/s NA Pali Europe SARL
2 Mrs. Jayalakshmi Jagannathan
8. Decision in the following six (6) proposals will be communicated separately:
Sl. No Name of the applicant Particulars of the proposal
1 M/s Yes Bank Limited, Mumbai To increase foreign equity participation through a qualified institutional placement (QIP) of Equity shares to eligible NRs and/or issue of GDRs to FIIs.
2 M/s Brampton Pvt. Ltd. Clarification regarding limit on percentage of shareholding to be held either by Indian partner or foreign partner for forming the joint venture company.
3 M/s Indian Energy Exchange Limited, Mumbai Post facto approval for the issue of compulsory convertible preference shares and equity shares to foreign investors. The company is engaged in the business of exchange of electricity.
4 M/s Sunij Pharma Pvt. Ltd., Ahmedabd Induction of additional foreign equity in a pharmaceutical company.
5 M/s WCP Holdings III, Mauritius Acquisition of shares of an Indian stock exchange (NSE) from an existing financial institution shareholder.
6 M/s Scripbox.com India Pvt. Ltd., Bangalore Indian company acting as facilitator of investments into mutual funds (other financial Services not mentioned in the FDI policy) proposes to receive foreign investment.
Details of Proposals considered in the Foreign Investment Promotion Board (FIPB) Meeting held on 06.03.2013:
Following Six (6) proposals have been approved.
Sl. No. Name of the applicant Particulars of the proposal FDI/NRI inflows(` In crore)
ECONOMIC AFFAIRS (CM DIVISION)
1 M/s SIDBI Social Venture Trust, Mumbai To allot Class A units of the Fund to bring foreign investment. 285.00
ROAD TRANSPORT & HIGHWAYS
2 M/s Navayuga Road Projects Pvt. Ltd., Hyderabad To act as an investing company and to make downstream investments in its Special Purpose Companies. 357.60
CIVIL AVIATION
3 M/s AirAsia Investment Ltd., Malaysia To set up a JV company to undertake the business of operation of scheduled passenger airlines. 80.98
4 M/s Farnair Switzerland A.G., Switzerland To increase FDI in an Air Transport Business Company by purchase of shares from Indian shareholder. 1.35
PHARMACEUTICALS
5 M/s AET Laboratories Pvt. Ltd., Hyderabad Induction of additional foreign equity in a pharmaceutical company. 5.34
DEFENCE PRODUCTION
6 M/s Bharat Electronics Limited, Bangalore To set up a JV company to carry out the business of Design, Development, marketing, supply and support of civilian and select defence Radars for Indian and global markets. 2.5
2. The following Seven (7) proposals have been deferred:
Sl. No Name of the applicant Particulars of the proposal
1 M/s ICICI Venture Funds Management Company Ltd., Mumbai To bring fund from a foreign limited liability company FVCI for making investment in the units of a Trust for making investments in Portfolio companies in India.
2 M/s P5 Asia Holding Investments (Mauritius) Limited, Mauritius NR to NR transfer of shares to carry out the business of (a) Broadcasting a non- news and current affairs television channel namely “StarCJ alive” Channel; (b) wholesale cash and carry trading of products; and (c) creation of home shopping content for broadcast through any and all mediums, including the channel, all within India.
3 M/s Premier Medical Corporation Limited, Mumbai Induction of foreign equity in a pharmaceutical company.
4 M/s Fullife Healthcare Pvt. Ltd., Mumbai Induction of foreign equity in a pharmaceutical company to carry out the business of in-licensing, developing, getting products manufactured from third party and out-licensing the marketing rights of unique healthcare solution in the field of food supplements, non-critical diagnostics and pharma products.
5 M/s Barefoot Resorts & Leisure India Pvt. Ltd., Chennai Post facto approval for issuance of partly paid up shares to carry out the business of leisure tourist resorts both on wholesome basis and on time share basis.
6 M/s Highdell Investment Ltd., Mauritius Induction of foreign equity in an investment holding company.
7 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.
3. The following one (1) proposal has been rejected:
Sl. No Name of the applicant Particulars of the proposal
1 M/s Prithvi Information Solutions Ltd., Andhra Pradesh Issue of warrants to carry out the business of end-to-end solutions in information technology, RF engineering and knowledge service apart from providing consulting and staff augmentation.
4. The following one (1) proposal has been recommended to advise the applicant to approach the Reserve Bank of India (RBI).
Sl. No Name of the applicant Particulars of the proposal
1 M/s Copper Beech Infrastructure Pvt. Ltd., New Delhi Request for deletion of compounding condition. The company is engaged in the business of setting up of Educational Infrastructure.
5. The following one (1) proposal has been advised that FIPB approval is not required:
Sl. No Name of the applicant Particulars of the proposal
1 M/s Artura Pharmaceuticals Pvt. Ltd., Chennai Post facto approval for issuance of shares in a pharmaceutical company.
6. The following one (1) proposal has been advised to access automatic route.
Sl. No Name of the applicant Particulars of the proposal
1 M/s Woory Automotives India Pvt. Ltd., Chennai An operating cum investing company to make downstream investment.
7. The following Two (2) proposals have been withdrawn from the Agenda:
Sl. No Name of the applicant
1 M/s NA Pali Europe SARL
2 Mrs. Jayalakshmi Jagannathan
8. Decision in the following six (6) proposals will be communicated separately:
Sl. No Name of the applicant Particulars of the proposal
1 M/s Yes Bank Limited, Mumbai To increase foreign equity participation through a qualified institutional placement (QIP) of Equity shares to eligible NRs and/or issue of GDRs to FIIs.
2 M/s Brampton Pvt. Ltd. Clarification regarding limit on percentage of shareholding to be held either by Indian partner or foreign partner for forming the joint venture company.
3 M/s Indian Energy Exchange Limited, Mumbai Post facto approval for the issue of compulsory convertible preference shares and equity shares to foreign investors. The company is engaged in the business of exchange of electricity.
4 M/s Sunij Pharma Pvt. Ltd., Ahmedabd Induction of additional foreign equity in a pharmaceutical company.
5 M/s WCP Holdings III, Mauritius Acquisition of shares of an Indian stock exchange (NSE) from an existing financial institution shareholder.
6 M/s Scripbox.com India Pvt. Ltd., Bangalore Indian company acting as facilitator of investments into mutual funds (other financial Services not mentioned in the FDI policy) proposes to receive foreign investment.
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