New Delhi: India appears set to get its first chip-making facility with at least two global players - IBM and STMicroelectronics - in advanced stages of talks with the government for an investment of over Rs 50,000 crore.
Both STMicroelectronics, Europe's largest chipmaker semiconductor player, and the consortium comprising IBM have indicated that they would initially invest over Rs 25,000 crore each, at least two government officers familiar with the development told TOI. Through the investment the government is hoping to not just get valuable foreign exchange but also go for import substitution.
The location has not been finalized, but top government sources said that one of the investor consortiums has indicated that it wants to set up the facility near Greater Noida, while another one has been proposed in Gujarat. A third option is near Bangalore where an information technology investment region ( ITIR) spread over 42 square kilometers is being set up.
STMicroelectronics did not respond to a questionnaire sent on Monday, while an IBM spokesperson said the company it "does not comment on rumor or speculation".
The units are expected to get concessions worth nearly Rs 60,000 crore over 13 years, which will include a three-year construction period and the first 10 years of operations. "Chip-making requires high quality power and water supply, which need massive investments. Besides, globally companies locate facilities where governments offer certain benefits," said a high-ranking officer. Taiwan, South Korea and China have used concessions to attract investors.
Commerce & industry minister Anand Sharma confirmed that talks were underway but did not disclose details. He told TOI that the move was part of the government's drive to reduce dependence on import of products and shift to local manufacturing to deal with the problem of current account deficit. He said the demand for electronic hardware is expected to reach $400 billion by 2020, compared to around $45 billion now. A government estimate suggested that this requires investment of around $100 billion, which will create around 28 million.
Although India is an important centre for chip design and verification, production is non-existent. If the investments materialize, they would create a large vendor base and would result in further foreign investment into the country.
This is India's second attempt to attract chipmakers into the country after an earlier bid failed five years ago. In 2007, the government had announced a package to woo investors but had to revise it last year to make it more attractive. Intel and SemIndia were companies that had shown interest.
Even this time Planning Commission has certain reservations but the issue is set to be decided by the Union cabinet.
Success in my Habit
Thursday, August 15, 2013
ASK Pravi invests Rs 60 crore in Hyderabad’s OMNI Hospitals
Chennai: ASK Pravi, a joint venture between ASK Group and Pravi Capital, on Wednesday picked up a minority stake in Hyderabad-based OMNI Hospitals for Rs 60 crore. Anand Vyas, managing partner of ASK Pravi Capital Advisors, will join OMNI's board.
OMNI Hospitals will utilise the money from the stake sale to expand across south and east India over the next three to five years. Promoted by INCOR Group, it operates two hospitals, one in Hyderabad and one Visakhapatnam.
Surya Reddy Pulagam, managing director of OMNI Hospitals, said the ASK Pravi has experienced professionals who can help expand OMNI's operations.
Jayanta Banerjee, managing partner of ASK Pravi Capital Advisors, said, "Our strategy is partnering with entrepreneurs seeking to expand businesses that serve the domestic market... this investment fits in."
For this transaction, Spark Capital was the sole financial advisor to OMNI Hospitals. Tatva Legal acted as the legal advisors to ASK Pravi and Grant Thornton conducted the financial and accounting due diligence for the transaction.
ASK Pravi is the investment manager of ASK Pravi Private Equity Opportunities Fund, which focuses on fast-growing unlisted businesses which benefit from domestic consumption demand.
ASK Group's assets under management is about $1 billion in equities and real estate. Pravi Capital has made 26 investments involving capital funding of $300 million and 14 exits.
OMNI Hospitals will utilise the money from the stake sale to expand across south and east India over the next three to five years. Promoted by INCOR Group, it operates two hospitals, one in Hyderabad and one Visakhapatnam.
Surya Reddy Pulagam, managing director of OMNI Hospitals, said the ASK Pravi has experienced professionals who can help expand OMNI's operations.
Jayanta Banerjee, managing partner of ASK Pravi Capital Advisors, said, "Our strategy is partnering with entrepreneurs seeking to expand businesses that serve the domestic market... this investment fits in."
For this transaction, Spark Capital was the sole financial advisor to OMNI Hospitals. Tatva Legal acted as the legal advisors to ASK Pravi and Grant Thornton conducted the financial and accounting due diligence for the transaction.
ASK Pravi is the investment manager of ASK Pravi Private Equity Opportunities Fund, which focuses on fast-growing unlisted businesses which benefit from domestic consumption demand.
ASK Group's assets under management is about $1 billion in equities and real estate. Pravi Capital has made 26 investments involving capital funding of $300 million and 14 exits.
Number of PhDs awarded grew by 49 per cent over last three years
New Delhi: The Government of India has announced that the number of PhDs awarded registered an increase of 49.27 per cent over the last three years.
“As per the data provided by UGC, the number of research degrees awarded has increased from 10,781 in 2008-09 to 16,093 in 2011-12, thus registering a growth of 49.27 per cent over three years,” said Dr Shashi Tharoor, Minister of State for Human Resource Development (HRD), Government of India.
According to UNESCO’s Institute of Statistics, India’s contribution to the world’s research publications has increased from 26,000 in 2002 to 44,000 in 2007, highlighted Dr Tharoor.
“As per the data provided by UGC, the number of research degrees awarded has increased from 10,781 in 2008-09 to 16,093 in 2011-12, thus registering a growth of 49.27 per cent over three years,” said Dr Shashi Tharoor, Minister of State for Human Resource Development (HRD), Government of India.
According to UNESCO’s Institute of Statistics, India’s contribution to the world’s research publications has increased from 26,000 in 2002 to 44,000 in 2007, highlighted Dr Tharoor.
Siemens India gets Rs 184.1 cr order from Gurgaon Metro
Mumbai/New Delhi: A consortium comprising Siemens, Siemens AG and Siemens, China, has bagged a turnkey project worth about 70 million euros from IL&FS Rail Ltd (a subsidiary of Infrastructure Leasing and Financial Services Ltd).
The order value is about Rs 574 crore at current exchange rate of Rs 81.77 a euro. Of the order, the share of Siemens Ltd is about 30 per cent or Rs 184.1 crore. The company did not provide the exact share of Siemens AG and Siemens, China citing currency fluctuations.
“The Gurgaon metro project is a first of its kind in India; the first phase is close to completion. We are confident that this project will become a benchmark in the public transportation sector,” said Sanjiv Rai, CEO of IL&FS Rail Ltd.
The project involves extension of the Gurgaon metro line with a new 7 km southern line. The line will add six stations in south-east Gurgaon.
For the new section of the Gurgaon line, Siemens is delivering seven aluminium-bodied metro trains. The trains are to run on standard-gauge track at a top speed of about 80 km/h. The modern signalling and train control system that will ensure required service interval of 120 seconds is achieved during rush-hour traffic. This short headway will enable the metro trains to transport more than 30,000 passengers per hour.
The new southern line of the metro rail link from Sikanderpur station to Sector 56, Gurgaon, will bring respite to the numerous people travelling to the various office complexes and residential areas in this area. Approximately 7,600 commuters per hour are expected to travel on this route in a single direction.
The order value is about Rs 574 crore at current exchange rate of Rs 81.77 a euro. Of the order, the share of Siemens Ltd is about 30 per cent or Rs 184.1 crore. The company did not provide the exact share of Siemens AG and Siemens, China citing currency fluctuations.
“The Gurgaon metro project is a first of its kind in India; the first phase is close to completion. We are confident that this project will become a benchmark in the public transportation sector,” said Sanjiv Rai, CEO of IL&FS Rail Ltd.
The project involves extension of the Gurgaon metro line with a new 7 km southern line. The line will add six stations in south-east Gurgaon.
For the new section of the Gurgaon line, Siemens is delivering seven aluminium-bodied metro trains. The trains are to run on standard-gauge track at a top speed of about 80 km/h. The modern signalling and train control system that will ensure required service interval of 120 seconds is achieved during rush-hour traffic. This short headway will enable the metro trains to transport more than 30,000 passengers per hour.
The new southern line of the metro rail link from Sikanderpur station to Sector 56, Gurgaon, will bring respite to the numerous people travelling to the various office complexes and residential areas in this area. Approximately 7,600 commuters per hour are expected to travel on this route in a single direction.
Siemens India gets Rs 184.1 cr order from Gurgaon Metro
Mumbai/New Delhi: A consortium comprising Siemens, Siemens AG and Siemens, China, has bagged a turnkey project worth about 70 million euros from IL&FS Rail Ltd (a subsidiary of Infrastructure Leasing and Financial Services Ltd).
The order value is about Rs 574 crore at current exchange rate of Rs 81.77 a euro. Of the order, the share of Siemens Ltd is about 30 per cent or Rs 184.1 crore. The company did not provide the exact share of Siemens AG and Siemens, China citing currency fluctuations.
“The Gurgaon metro project is a first of its kind in India; the first phase is close to completion. We are confident that this project will become a benchmark in the public transportation sector,” said Sanjiv Rai, CEO of IL&FS Rail Ltd.
The project involves extension of the Gurgaon metro line with a new 7 km southern line. The line will add six stations in south-east Gurgaon.
For the new section of the Gurgaon line, Siemens is delivering seven aluminium-bodied metro trains. The trains are to run on standard-gauge track at a top speed of about 80 km/h. The modern signalling and train control system that will ensure required service interval of 120 seconds is achieved during rush-hour traffic. This short headway will enable the metro trains to transport more than 30,000 passengers per hour.
The new southern line of the metro rail link from Sikanderpur station to Sector 56, Gurgaon, will bring respite to the numerous people travelling to the various office complexes and residential areas in this area. Approximately 7,600 commuters per hour are expected to travel on this route in a single direction.
The order value is about Rs 574 crore at current exchange rate of Rs 81.77 a euro. Of the order, the share of Siemens Ltd is about 30 per cent or Rs 184.1 crore. The company did not provide the exact share of Siemens AG and Siemens, China citing currency fluctuations.
“The Gurgaon metro project is a first of its kind in India; the first phase is close to completion. We are confident that this project will become a benchmark in the public transportation sector,” said Sanjiv Rai, CEO of IL&FS Rail Ltd.
The project involves extension of the Gurgaon metro line with a new 7 km southern line. The line will add six stations in south-east Gurgaon.
For the new section of the Gurgaon line, Siemens is delivering seven aluminium-bodied metro trains. The trains are to run on standard-gauge track at a top speed of about 80 km/h. The modern signalling and train control system that will ensure required service interval of 120 seconds is achieved during rush-hour traffic. This short headway will enable the metro trains to transport more than 30,000 passengers per hour.
The new southern line of the metro rail link from Sikanderpur station to Sector 56, Gurgaon, will bring respite to the numerous people travelling to the various office complexes and residential areas in this area. Approximately 7,600 commuters per hour are expected to travel on this route in a single direction.
Mumbai-based Prisma Global acquires German tech firm Prisma GmbH for Rs 27 crore
Bangalore: Information technology solutions company Prisma Global has acquired majority stake in German technology venture Prisma Gmbh for aboutRs 27 crore.
The Mumbai-based IT solutions company will now own the Intellectual Property (IP) of technologies developed by the German firm like image recognition and augmented reality product Snap2life, which links two-dimensional images like a newspaper advertisement with digital content through the mobile phone.
Shreeram Iyer, Chairman and Group CEO of Prisma Global, said the acquisition will help bring more innovative technology to India. "The core expertise of Prisma Gmbh along with some of the path breaking products will make us first among equals," he said.
Prisma GmbH has around 30 years of experience in image recognition, augmented reality and other mobile solutions. Its chief executive officer Volker Brendal, a former IBM executive, will remain at the helm of the German entity for the next five years, the company said.
Prisma Global, which counts companies like BayerBSE 0.43 %, P&G, Air India and Total among its clients, is targeting revenue of Rs 42 crore by end of calendar year 2013.
The Mumbai-based IT solutions company will now own the Intellectual Property (IP) of technologies developed by the German firm like image recognition and augmented reality product Snap2life, which links two-dimensional images like a newspaper advertisement with digital content through the mobile phone.
Shreeram Iyer, Chairman and Group CEO of Prisma Global, said the acquisition will help bring more innovative technology to India. "The core expertise of Prisma Gmbh along with some of the path breaking products will make us first among equals," he said.
Prisma GmbH has around 30 years of experience in image recognition, augmented reality and other mobile solutions. Its chief executive officer Volker Brendal, a former IBM executive, will remain at the helm of the German entity for the next five years, the company said.
Prisma Global, which counts companies like BayerBSE 0.43 %, P&G, Air India and Total among its clients, is targeting revenue of Rs 42 crore by end of calendar year 2013.
Seventeen New Airports Proposed
Minister of State for Civil Aviation, Shri K.C. Venugopal informed Rajya Sabha today that seventeen new airports have been proposed for construction during the 12th Five Year Plan. The list of the new airports is as follows:
Sl.No. Location State
1. Mopa Goa
2. Gulbarga Karnataka
3. Bijapur
4. Hassan
5. Shimoga
6. Aranmula (Pathanamthitta) Kerala
7. Kannur
8. Sindhudurg Maharashtra
9. Navi Mumbai
10. Shirdi
11. Dabra Madhya Pradesh
12. Karaikal Pudducherry
13. Kushinagar Uttar Pradesh
14. Andal-Faridpur West Bengal
15. Itanagar Arunachal Pradesh
16. Kishangarh (Ajmer) Rajasthan
17. Deoghar Jharkhand
Sl.No. Location State
1. Mopa Goa
2. Gulbarga Karnataka
3. Bijapur
4. Hassan
5. Shimoga
6. Aranmula (Pathanamthitta) Kerala
7. Kannur
8. Sindhudurg Maharashtra
9. Navi Mumbai
10. Shirdi
11. Dabra Madhya Pradesh
12. Karaikal Pudducherry
13. Kushinagar Uttar Pradesh
14. Andal-Faridpur West Bengal
15. Itanagar Arunachal Pradesh
16. Kishangarh (Ajmer) Rajasthan
17. Deoghar Jharkhand
India Inc raised $1.9 bn via external borrowing in June
Companies raised $1 bn via the automatic route, another $946 mn through approval route that requires case-by-case approval from RBI
Mumbai: Indian companies raised $1.9 billion through external commercial borrowing (ECB) and foreign currency convertible bonds (FCCB) in June to fund modernisation, foreign acquisition, importing of capital goods and refinancing of old loans, compared to $1.99 billion in June 2012.
According to Reserve Bank of India (RBI) data, companies raised $1 billion via the automatic route and another $946 million through the approval route that requires case-by-case approval from RBI.
Under the approval route, Reliance Industries Ltd raised $487 million for importing capital goods.
Under the automatic route, Gujarat’s Pipav Port raised $152 million. Other major companies which raised money abroad include Essar Oil ($100 million for modernisation) and Renault Nissan Automotive ($101 million for importing capital goods). There was a single FCCB issuance during the month. Fortis Healthcare raised $50 million for investment abroad.
Mumbai: Indian companies raised $1.9 billion through external commercial borrowing (ECB) and foreign currency convertible bonds (FCCB) in June to fund modernisation, foreign acquisition, importing of capital goods and refinancing of old loans, compared to $1.99 billion in June 2012.
According to Reserve Bank of India (RBI) data, companies raised $1 billion via the automatic route and another $946 million through the approval route that requires case-by-case approval from RBI.
Under the approval route, Reliance Industries Ltd raised $487 million for importing capital goods.
Under the automatic route, Gujarat’s Pipav Port raised $152 million. Other major companies which raised money abroad include Essar Oil ($100 million for modernisation) and Renault Nissan Automotive ($101 million for importing capital goods). There was a single FCCB issuance during the month. Fortis Healthcare raised $50 million for investment abroad.
Central Government approves twelve (12) proposals of foreign direct investment amounting to about Rs 343.99 crore
Based on the recommendations of the Foreign Investment Promotion Board (FIPB) in its meeting held on July 5, 2013, the Central Government has approved twelve (12) Proposals of Foreign Direct Investment amounting to Rs. 343.39 crore approximately.
Details of the proposals considered in the aforesaid Meeting of the Foreign Investment Promotion Board (FIPB) are as follows:
Following twelve (12) proposals have been approved:
Sl. No. Name of the applicant Particulars of the proposal FDI/NRI inflows (Rs. In crore)
1 M/s Total Prosthetics & Onthotics India Pvt. Ltd. Haryana An Indian company to acquire a foreign company through issue of equity shares to the shareholders of the foreign company by way of swap of shares. 25.13
2 M/s Verdant Life Sciences Pvt. Ltd., Hyderabad Post facto approval for foreign direct investment received from two NRIs in a pharma company. 3.16 (already brought in)
3 M/s Curadev Pharma Pvt. Ltd., New Delhi An Indian pharma company to accept foreign investment from a Domestic Venture Capital Fund registered with SEBI. 25.00
4 M/s Invida India Pvt. Ltd. Infusion of foreign holding into its existing pharma WoS, for further downstream investment, in another pharma company. 35.74
5 M/s Dia Vikas Capital Pvt. Ltd., Gurgaon An Indian NBFC company, supporting Micro Finance Institutions to convert itself into a core investing company and to get additional FDI; and post facto approval for not meeting the minimum capitalization requirement for a brief period in the past. 93.06
6 M/s BNP Paribas A foreign owned NBFC has sought amendment of the previous FIPB condition of registration requirement as a Core Investment Company as it is not accessing public funds and also applied for a downstream investment. Nil
7 M/s Indocon Agro and Allied Activities Private Limited, Mumbai An Indian company engaged in the procurement of milk, proposes to make a preferential issue by way of partly paid shares to another Indian Company owned and controlled by a non resident entity. Nil
8 M/s Gilbarco Veeder-Root India Pvt. Ltd., Mumbai Group restructuring involving placing 2 Indian subsidiaries of the foreign parent company into a two step structure by way of a swap of shares. Nil
9 M/s Imperial Cancer Hospital and Research Ltd., Bangalore Post-facto approval for issuance of shares against value of import of second hand machinery. 1.26 (already brought in)
10 M/s Elpro International Ltd. Deletion of a condition imposed by FIPB, which is not relevant to the post-facto proposal obtained earlier. Nil
11 M/s Life Positive Private Limited, New Delhi A foreign NRI promoter of a magazine publishing company proposes to acquire shares from resident shareholders. 0.04
12 M/s Sutures (I) Pvt. Ltd. A Brownfield pharma company having 35.28% foreign equity proposes to increase the same by another 26% by way of acquisition/fresh subscription. 160.00
The following four (4 ) proposals have been deferred:
Sl. No Name of the applicant Particulars of the proposal
1 M/s Camson Bio Technologies Ltd., Karnataka Issue of warrants to a foreign collaborator to carry on the business of agricultural biotechnology.
2 M/s Astonfield Renewables Pvt. Ltd. A consultancy company is seeking post facto approval for downstream investments for which approval was required at the material time.
3 M/s Cardolite Specialty Chemicals India Pvt. Ltd., Chennai Conversion of Private Limited Company with 100% FDI under the automatic route into an LLP.
4 M/s INX Music Pvt. Ltd., Mumbai An Indian company having indirect foreign investment proposes to undertake the additional activity of broadcasting of a non-news and current affairs channel.
The following three (3) proposals have been rejected:
Sl. No Name of the applicant Particulars of the proposal
1 M/s Next Orbit Ventures Fund, Mumbai An Indian Trust has sought approval to get foreign investment in their Venture Capital Fund.
2 M/s Porocel International LLC, USA A USA based company proposes to change the purpose of funds, provided to an Indian company, from advances against future production to foreign direct investment.
3 M/s Rosoboronterra India Pvt. Ltd., New Delhi Issuance of shares a foreign investor against lump sum fees payable as per a JV technical knowhow agreement.
The following two (2) proposals have been advised to access automatic route:
Sl. No Name of the applicant Particulars of the proposal FDI/NRI inflows ((Rs. in crore)
1 M/s Ferring Therapeutics Pvt. Ltd., Mumbai An Indian pharma company proposes to source investment from its 100% foreign owned Indian parent company and ECB from its ultimate parent foreign company to establish a new manufacturing facility. 26.00
2 M/s Soothe Healthcare Pvt. Ltd., New Delhi A start up Indian pharma company to issue share against the foreign investment already received and seeks approval for further induction of FDI. 0.26
The following one (01) proposal has been withdrawn from the Agenda:
Sl. No Name of the applicant
1 M/s Lotus Surgical Specialities Pvt. Ltd., Mumbai
The following one (01) proposal has been withdrawn by the applicant:
Sl. No Name of the applicant
1 M/s Empays Payment System India Pvt. Ltd., Mumbai
In respect of the following one (01) proposal, the applicant may given a clarification:
Sl. No Name of the applicant Particulars of the proposal
1 M/s HT Burda Media Ltd., (HBML), New Delhi Resident to Non-Resident transfer between existing shareholders of an Indian commercial printing company.
In respect of the following two (2) proposals decision will be kept in abeyance till DIPP finalizes policy on FDI in brown field pharma projects involving transfer of control:
Sl. No Name of the applicant Particulars of the proposal FDI/NRI inflows ((Rs. in crore)
1 M/s Symbiotec Pharmalab Limited, Madhya Pradesh An existing pharma sector company to transfer and issue equity shares to a foreign company. 330.00
2 M/s Mylan Inc., USA A major US pharma group having Indian subsidiaries to acquire another Indian pharma company engaged in manufacture of generic pharma products. 5168.00
Decision in the following six (6) proposals have been kept in abeyance:
Sl. No Name of the applicant Particulars of the proposal
1 Castleton Investment Ltd., Mauritius; M/s GlaxoSmithKline Pte Ltd., Singapore NR to NR transfer of shares between the foreign promoter group companies of an Indian pharma company.
2 M/s Eurecat India Catalyst Services Pvt. Ltd., Gujarat Capitalisation of payments made by foreign collaborator for securing lease of plot of land for its subsidiary in India in a company engaged in the business of catalysts used in oil and petrochemical plants.
3 M/s Migatronic India Private Limited, Chennai Post-Facto approval for setting up a WoS foreign owned welding equipment company.
4 M/s Franklin Templeton Asset Management (India) Pvt. Ltd., Mumbai A WoS foreign owned Asset Management Company to act as an investment manager to various AIFs and to contribute the mandatory amounts specified under the SEBI (AIF) Regulations.
5 M/s Equitas Holdings Pvt. Ltd. Increase in FDI percentage in an investing company by way of transfer of shares from Resident to Non-resident shareholders.
6 M/s IL&FS Securities Services Ltd. Merger of two Indian companies with the approval of Hon’ble High Court Mumbai. The companies have some FDI and amongst the activities are those not included in the FDI policy.
Details of the proposals considered in the aforesaid Meeting of the Foreign Investment Promotion Board (FIPB) are as follows:
Following twelve (12) proposals have been approved:
Sl. No. Name of the applicant Particulars of the proposal FDI/NRI inflows (Rs. In crore)
1 M/s Total Prosthetics & Onthotics India Pvt. Ltd. Haryana An Indian company to acquire a foreign company through issue of equity shares to the shareholders of the foreign company by way of swap of shares. 25.13
2 M/s Verdant Life Sciences Pvt. Ltd., Hyderabad Post facto approval for foreign direct investment received from two NRIs in a pharma company. 3.16 (already brought in)
3 M/s Curadev Pharma Pvt. Ltd., New Delhi An Indian pharma company to accept foreign investment from a Domestic Venture Capital Fund registered with SEBI. 25.00
4 M/s Invida India Pvt. Ltd. Infusion of foreign holding into its existing pharma WoS, for further downstream investment, in another pharma company. 35.74
5 M/s Dia Vikas Capital Pvt. Ltd., Gurgaon An Indian NBFC company, supporting Micro Finance Institutions to convert itself into a core investing company and to get additional FDI; and post facto approval for not meeting the minimum capitalization requirement for a brief period in the past. 93.06
6 M/s BNP Paribas A foreign owned NBFC has sought amendment of the previous FIPB condition of registration requirement as a Core Investment Company as it is not accessing public funds and also applied for a downstream investment. Nil
7 M/s Indocon Agro and Allied Activities Private Limited, Mumbai An Indian company engaged in the procurement of milk, proposes to make a preferential issue by way of partly paid shares to another Indian Company owned and controlled by a non resident entity. Nil
8 M/s Gilbarco Veeder-Root India Pvt. Ltd., Mumbai Group restructuring involving placing 2 Indian subsidiaries of the foreign parent company into a two step structure by way of a swap of shares. Nil
9 M/s Imperial Cancer Hospital and Research Ltd., Bangalore Post-facto approval for issuance of shares against value of import of second hand machinery. 1.26 (already brought in)
10 M/s Elpro International Ltd. Deletion of a condition imposed by FIPB, which is not relevant to the post-facto proposal obtained earlier. Nil
11 M/s Life Positive Private Limited, New Delhi A foreign NRI promoter of a magazine publishing company proposes to acquire shares from resident shareholders. 0.04
12 M/s Sutures (I) Pvt. Ltd. A Brownfield pharma company having 35.28% foreign equity proposes to increase the same by another 26% by way of acquisition/fresh subscription. 160.00
The following four (4 ) proposals have been deferred:
Sl. No Name of the applicant Particulars of the proposal
1 M/s Camson Bio Technologies Ltd., Karnataka Issue of warrants to a foreign collaborator to carry on the business of agricultural biotechnology.
2 M/s Astonfield Renewables Pvt. Ltd. A consultancy company is seeking post facto approval for downstream investments for which approval was required at the material time.
3 M/s Cardolite Specialty Chemicals India Pvt. Ltd., Chennai Conversion of Private Limited Company with 100% FDI under the automatic route into an LLP.
4 M/s INX Music Pvt. Ltd., Mumbai An Indian company having indirect foreign investment proposes to undertake the additional activity of broadcasting of a non-news and current affairs channel.
The following three (3) proposals have been rejected:
Sl. No Name of the applicant Particulars of the proposal
1 M/s Next Orbit Ventures Fund, Mumbai An Indian Trust has sought approval to get foreign investment in their Venture Capital Fund.
2 M/s Porocel International LLC, USA A USA based company proposes to change the purpose of funds, provided to an Indian company, from advances against future production to foreign direct investment.
3 M/s Rosoboronterra India Pvt. Ltd., New Delhi Issuance of shares a foreign investor against lump sum fees payable as per a JV technical knowhow agreement.
The following two (2) proposals have been advised to access automatic route:
Sl. No Name of the applicant Particulars of the proposal FDI/NRI inflows ((Rs. in crore)
1 M/s Ferring Therapeutics Pvt. Ltd., Mumbai An Indian pharma company proposes to source investment from its 100% foreign owned Indian parent company and ECB from its ultimate parent foreign company to establish a new manufacturing facility. 26.00
2 M/s Soothe Healthcare Pvt. Ltd., New Delhi A start up Indian pharma company to issue share against the foreign investment already received and seeks approval for further induction of FDI. 0.26
The following one (01) proposal has been withdrawn from the Agenda:
Sl. No Name of the applicant
1 M/s Lotus Surgical Specialities Pvt. Ltd., Mumbai
The following one (01) proposal has been withdrawn by the applicant:
Sl. No Name of the applicant
1 M/s Empays Payment System India Pvt. Ltd., Mumbai
In respect of the following one (01) proposal, the applicant may given a clarification:
Sl. No Name of the applicant Particulars of the proposal
1 M/s HT Burda Media Ltd., (HBML), New Delhi Resident to Non-Resident transfer between existing shareholders of an Indian commercial printing company.
In respect of the following two (2) proposals decision will be kept in abeyance till DIPP finalizes policy on FDI in brown field pharma projects involving transfer of control:
Sl. No Name of the applicant Particulars of the proposal FDI/NRI inflows ((Rs. in crore)
1 M/s Symbiotec Pharmalab Limited, Madhya Pradesh An existing pharma sector company to transfer and issue equity shares to a foreign company. 330.00
2 M/s Mylan Inc., USA A major US pharma group having Indian subsidiaries to acquire another Indian pharma company engaged in manufacture of generic pharma products. 5168.00
Decision in the following six (6) proposals have been kept in abeyance:
Sl. No Name of the applicant Particulars of the proposal
1 Castleton Investment Ltd., Mauritius; M/s GlaxoSmithKline Pte Ltd., Singapore NR to NR transfer of shares between the foreign promoter group companies of an Indian pharma company.
2 M/s Eurecat India Catalyst Services Pvt. Ltd., Gujarat Capitalisation of payments made by foreign collaborator for securing lease of plot of land for its subsidiary in India in a company engaged in the business of catalysts used in oil and petrochemical plants.
3 M/s Migatronic India Private Limited, Chennai Post-Facto approval for setting up a WoS foreign owned welding equipment company.
4 M/s Franklin Templeton Asset Management (India) Pvt. Ltd., Mumbai A WoS foreign owned Asset Management Company to act as an investment manager to various AIFs and to contribute the mandatory amounts specified under the SEBI (AIF) Regulations.
5 M/s Equitas Holdings Pvt. Ltd. Increase in FDI percentage in an investing company by way of transfer of shares from Resident to Non-resident shareholders.
6 M/s IL&FS Securities Services Ltd. Merger of two Indian companies with the approval of Hon’ble High Court Mumbai. The companies have some FDI and amongst the activities are those not included in the FDI policy.
Sahara Q Shop plans 100 stores in NCR
New Delhi: Sahara Q Shop has launched operations in Delhi and NCR for 100 exclusive neighbourhood convenience stores. The company said it plans to open 400 such stores by March 2014 in the region. Currently, there are 901 Sahara Q Shop Stores operating in 12 States. By the end of the current financial year the company has plans to have 10,000 such stores across India. About 2,000 of these will be opened in metros. Romie Dutt, Executive Director, Sahara Q Shop, said, “We have received overwhelming response from markets where Sahara Q Shop has launched its operational model for franchisee/exclusive retailers… Delhi and NCR region is an important market for us, we have further plans to expand the retail network.”
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