TOKYO: Toshiba Corp said on Monday it would cut 50 percent of staff in its loss-making TV unit and cease production at two of its three overseas factories before the end of this fiscal year.
Toshiba said it would increase outsourced production to 70 percent from 40 percent and reduce its global staff in the division by 3,000, with two-thirds of those positions overseas. In July it said it would move 400 staff, included in that figure, to other business units.
The company did not say which two of its three factories in China, Indonesia and Poland it would close.
Toshiba's TV segment has been in the red for the past two years due to weak global sales, partly due to a slowdown in Europe and a fall in domestic demand after a short-lived boost from the switch to digital broadcasting.
In July the company announced plans to cut a combined 10 billion yen ($101 million) in costs in its television and PC businesses this fiscal year, and then double that figure in the following year to cope with weak demand.
The company said it expected the measures to help its TV division to swing into the black in the second half of this fiscal year.
Success in my Habit
Monday, September 30, 2013
Apple upsets Coca-Cola to be most-valuable brand
Apple is the new most valuable brand in the world, according to a closely followed annual report.
The report, to be released Monday, is from Interbrand, a corporate identity and brand consulting company owned by the Omnicom Group that has been compiling what it calls the Best Global Brands report since 2000. The previous No. 1 brand, Coca-Cola, fell to No. 3.
Not only has Apple replaced Coca-Cola as first among the 100 most valuable brands based on criteria that include financial performance, this is the first time that the soft drink known for slogans like "It's the real thing" has not been No. 1.
Apple's arrival in the top spot was perhaps "a matter of time," Jez Frampton, global chief executive at Interbrand, said in a recent interview. Apple was No. 2 last year, climbing from No. 8 in the 2011 report.
"What is it they say, 'Long live the king'?" Frampton asked. "This year, the king is Apple."
The 2013 report begins: "Every so often, a company changes our lives, not just with its products, but with its ethos. This is why, following Coca-Cola's 13-year run at the top of Best Global Brands, Interbrand has a new No. 1 - Apple."
The report estimates the value of the Apple brand at $98.3 billion, up 28 percent from the 2012 report. The value of the Coca-Cola brand also rose, by 2 percent to $79.2 billion, but that was not sufficient to give Coca-Cola a 14th year as Interbrand's most valuable brand.
Although "Coca-Cola is an efficient, outstanding brand marketer, no doubt about it," Frampton said, Apple and other leading technology brands have become "very much the poster child of the marketing community."
That is underscored by the brand in second place in the new report: Google, which rose from fourth place last year. In fact, of the top 10 Best Global Brands for 2013, five are in technology: Apple; Google; Microsoft, No. 5, unchanged from last year; Samsung, 8, compared with 9 last year; and Intel, 9, compared with 8 last year.
Samsung's ascent followed the company's adoption of a new brand strategy called the Brand Ideal, which includes "a greater focus on social purpose," Sue Shim, executive vice president and chief marketing officer at Samsung, said by email. That reflected research indicating American consumers would switch brands to "one that was associated with improving people's lives," she added.
IBM - No. 4 in 2013, down a notch from 2012 - is ranked as a business services brand. Otherwise, technology would account for six of the top 10.
"Brands like Apple and Google and Samsung are changing our behavior: how we buy, how we communicate with each other, even whether we speak with each other," Frampton said. "They have literally changed the way we live our lives."
Among other transformative technology brands that performed well in the new report was Facebook, which climbed to 52 from 69 last year, its first year on the list.
However, not all technology brands fared well. BlackBerry, which tumbled last year to 93 from 56 in 2011, has disappeared from the list. And Nokia, which dropped to 19 from 14 in 2011, finished this year in 57th place - "the biggest faller" among the 100, Frampton said.
Among nontechnology brands, a notable addition to the list was Chevrolet, at 89, the first General Motors brand to rank among the Best Global Brands.
"It feels good to hit the list for the first time," Alan Batey, global head of Chevrolet at GM, said in a telephone interview. "It's a great first step, but we've got a long way to go. There are a lot of big brands in front of us."
The report, to be released Monday, is from Interbrand, a corporate identity and brand consulting company owned by the Omnicom Group that has been compiling what it calls the Best Global Brands report since 2000. The previous No. 1 brand, Coca-Cola, fell to No. 3.
Not only has Apple replaced Coca-Cola as first among the 100 most valuable brands based on criteria that include financial performance, this is the first time that the soft drink known for slogans like "It's the real thing" has not been No. 1.
Apple's arrival in the top spot was perhaps "a matter of time," Jez Frampton, global chief executive at Interbrand, said in a recent interview. Apple was No. 2 last year, climbing from No. 8 in the 2011 report.
"What is it they say, 'Long live the king'?" Frampton asked. "This year, the king is Apple."
The 2013 report begins: "Every so often, a company changes our lives, not just with its products, but with its ethos. This is why, following Coca-Cola's 13-year run at the top of Best Global Brands, Interbrand has a new No. 1 - Apple."
The report estimates the value of the Apple brand at $98.3 billion, up 28 percent from the 2012 report. The value of the Coca-Cola brand also rose, by 2 percent to $79.2 billion, but that was not sufficient to give Coca-Cola a 14th year as Interbrand's most valuable brand.
Although "Coca-Cola is an efficient, outstanding brand marketer, no doubt about it," Frampton said, Apple and other leading technology brands have become "very much the poster child of the marketing community."
That is underscored by the brand in second place in the new report: Google, which rose from fourth place last year. In fact, of the top 10 Best Global Brands for 2013, five are in technology: Apple; Google; Microsoft, No. 5, unchanged from last year; Samsung, 8, compared with 9 last year; and Intel, 9, compared with 8 last year.
Samsung's ascent followed the company's adoption of a new brand strategy called the Brand Ideal, which includes "a greater focus on social purpose," Sue Shim, executive vice president and chief marketing officer at Samsung, said by email. That reflected research indicating American consumers would switch brands to "one that was associated with improving people's lives," she added.
IBM - No. 4 in 2013, down a notch from 2012 - is ranked as a business services brand. Otherwise, technology would account for six of the top 10.
"Brands like Apple and Google and Samsung are changing our behavior: how we buy, how we communicate with each other, even whether we speak with each other," Frampton said. "They have literally changed the way we live our lives."
Among other transformative technology brands that performed well in the new report was Facebook, which climbed to 52 from 69 last year, its first year on the list.
However, not all technology brands fared well. BlackBerry, which tumbled last year to 93 from 56 in 2011, has disappeared from the list. And Nokia, which dropped to 19 from 14 in 2011, finished this year in 57th place - "the biggest faller" among the 100, Frampton said.
Among nontechnology brands, a notable addition to the list was Chevrolet, at 89, the first General Motors brand to rank among the Best Global Brands.
"It feels good to hit the list for the first time," Alan Batey, global head of Chevrolet at GM, said in a telephone interview. "It's a great first step, but we've got a long way to go. There are a lot of big brands in front of us."
Siemens bags Rs 271-cr RINL order
COIMBATORE, SEPT 30:
A consortium of Siemens AG and Siemens Ltd has bagged a huge order from Rashtriya Ispat Nigam Ltd (RINL) to modernise the Visakhapatnam Steel Plant’s blast furnace No 2.
While Siemens Ltd’s share of the order value would be Rs 271 crore, the press release from Siemens Ltd, which is listed in India, did not mention the share of the German company.
The release said that the modernisation would increase the furnace’s inner volume from 3,200 cubic meters to 3,820 cubic meters and the production would go up from 1.7 million tonnes per annum to 2.5 mtpa.
A consortium of Siemens AG and Siemens Ltd has bagged a huge order from Rashtriya Ispat Nigam Ltd (RINL) to modernise the Visakhapatnam Steel Plant’s blast furnace No 2.
While Siemens Ltd’s share of the order value would be Rs 271 crore, the press release from Siemens Ltd, which is listed in India, did not mention the share of the German company.
The release said that the modernisation would increase the furnace’s inner volume from 3,200 cubic meters to 3,820 cubic meters and the production would go up from 1.7 million tonnes per annum to 2.5 mtpa.
Allcargo ventures into US, buys logistics company for $50 mn
Mumbai: Allcargo Logistics has bought US-based Econocaribe Consolidators for about $50 million ( Rs 312.25 crore), an acquisition that enables the Indian firm to enter the North American market, pushing its share price up as much as 13% on the BSE. The buyout gives Allcargo the much-needed access to the world's largest economy, and many big clients.
Econocaribe Consolidators is one of the largest non-vessel operating common carriers (NVOCC) in US, with 9 offices in the country and 22 receiving terminals in the US and Canada. The deal, Allcargo's seventh acquisition in the last eight years, is expected to immediately add to its earnings.
Econocaribe, the revenue of which grew 15% last year, is a zero-debt company. Operators like Econocaribe don't own vessels but buy space in other logistics companies to ship cargo. They are more resilient to economic slowdowns.
"When we don't have a presence in the US, many customers don't want to work with us. There are many global customers who want one company to serve all their requirements," said Shashi Kiran Shetty, executive chairman of Allcargo.
With this buyout, Allcargo, a part of the Avvashya Group, can now tap the US business of big logistics companies like DHL and UPS, the company said. Allcargo already serves these companies elsewhere in the world. Allcargo expects that with the addition of new clients, volume in and out of the US will grow, aiding overall profitability. The acquisition also gives Allcargo a share of the growing trade within the Americas.
Even though the deal comes at a time of severe economic slowdown in India, Shetty is not too worried as slowdown is a thing of the past for most of the developed economy. "The option for us was to build or buy. Although it is a large amount we are paying, we are comfortable. And we have a platform to operate from day one."
Allcargo's appetite for acquisitions is not over yet. The company, in which private equity firms such as Blackstone, New Vernon and Acacia own about 23 %, is in advanced negotiations to buy a company with presence in Australia and Europe in the next two months. Shetty declined to share more details on the acquisition.
Allcargo is buying Econocaribe through its wholly-owned subsidiary, ECU Line, in Belgium. Almost 70% of the funding for the deal is coming from Belgium banks, while the rest of it is being funded by ECU Line's internal accruals.
Allcargo raised funds from Belgium banks at less than 3% interest.
Allcargo shares closed 11.42% up on Friday. The stock has shed more than 15% of its value in the last six months due to a slump in cargo volumes.
Econocaribe Consolidators is one of the largest non-vessel operating common carriers (NVOCC) in US, with 9 offices in the country and 22 receiving terminals in the US and Canada. The deal, Allcargo's seventh acquisition in the last eight years, is expected to immediately add to its earnings.
Econocaribe, the revenue of which grew 15% last year, is a zero-debt company. Operators like Econocaribe don't own vessels but buy space in other logistics companies to ship cargo. They are more resilient to economic slowdowns.
"When we don't have a presence in the US, many customers don't want to work with us. There are many global customers who want one company to serve all their requirements," said Shashi Kiran Shetty, executive chairman of Allcargo.
With this buyout, Allcargo, a part of the Avvashya Group, can now tap the US business of big logistics companies like DHL and UPS, the company said. Allcargo already serves these companies elsewhere in the world. Allcargo expects that with the addition of new clients, volume in and out of the US will grow, aiding overall profitability. The acquisition also gives Allcargo a share of the growing trade within the Americas.
Even though the deal comes at a time of severe economic slowdown in India, Shetty is not too worried as slowdown is a thing of the past for most of the developed economy. "The option for us was to build or buy. Although it is a large amount we are paying, we are comfortable. And we have a platform to operate from day one."
Allcargo's appetite for acquisitions is not over yet. The company, in which private equity firms such as Blackstone, New Vernon and Acacia own about 23 %, is in advanced negotiations to buy a company with presence in Australia and Europe in the next two months. Shetty declined to share more details on the acquisition.
Allcargo is buying Econocaribe through its wholly-owned subsidiary, ECU Line, in Belgium. Almost 70% of the funding for the deal is coming from Belgium banks, while the rest of it is being funded by ECU Line's internal accruals.
Allcargo raised funds from Belgium banks at less than 3% interest.
Allcargo shares closed 11.42% up on Friday. The stock has shed more than 15% of its value in the last six months due to a slump in cargo volumes.
Gold supply policy for jewellery exporters liberalised
Mumbai: With the relaxation in gold supply norms, jewellery exports from India are set to rebound in the coming months.
On Friday, the Directorate General of Foreign Trade (DGFT) agreed to all the suggestions of the Gems & Jewellery Export Promotion Council (GJEPC) for smooth supply of gold to exporters.
In the April-August 2013 period, gold jewellery exports from India fell 57.12 per cent to Rs 15,609.54 crore from Rs 36,404.17 crore in the corresponding period last year, primarily due to unavailability of gold for exporters. The unavailability had resulted from import restrictions by the government, aimed at containing the country's current account deficit.
Now, jewellery exporters would have easy access to gold, and this would help increase exports. Since the supply restrictions were implemented on July 22, a huge quantity of imported gold has been held at ports. Importers continued to pay demurrages; a number of export orders were cancelled, leading to huge losses for jewellers. This led to losses of at least Rs 25,000 for jewellery exporters for every Rs 1 crore of exports. The loss multiplied for diamond jewellery exporters, owing to higher costs of manufacturing.
"The gold export business will come on track now, with the fresh clarifications issued by DGFT. We will be able to receive gold smoothly, as all hazards have been cleared," said Pankaj Parekh, vice-chairman of GJEPC. A recent Reserve Bank of India (RBI) circular mandates the supply of 20 per cent imported gold to exporters. Jewellery exporters were afraid a higher quantity would be denied to them. And, banks were keen to supply only 20 per cent under the central bank's 20:80 formula. But now, jewellers would be able to secure higher quantities if they needed to, Parekh said.
Another major issue was documentary evidence proving inward remittance of foreign receivables of jewellery exports, showing the use of the first lot of gold procured from banks. This was required to secure a third lot of gold for jewellery exports, irrespective of the quantity. GJEPC argued exporters would have to wait for at least 280 days from the date the first lot was secured; this included 90 days of jewellery making, 180 days of inward remittance and 10 days of procedural delays. This would not only make business unviable; also, exporters would have to opt for new business. Now, DGFT has clarified a proof of exports would suffice and make jewellers eligible for a third lot.
"Another big hurdle was the supply of gold from bonded warehouses. Since the record is maintained both by customs and banks, the onus of the proof of gold supply should not lie on customers. With the undertaking given by customers, banks will now be able to supply gold without seeking clearances from multiple authorities every time," said Vipul Shah, chairman, GJEPC.
Now, the ex-bond bill of entry wouldn't have to be filed every time, as mandated by the Customs earlier; a one time receipt would suffice, said Shah. With these clarifications, both gold and diamond jewellery exports were expected to pick up soon, Parekh said.
On Friday, the Directorate General of Foreign Trade (DGFT) agreed to all the suggestions of the Gems & Jewellery Export Promotion Council (GJEPC) for smooth supply of gold to exporters.
In the April-August 2013 period, gold jewellery exports from India fell 57.12 per cent to Rs 15,609.54 crore from Rs 36,404.17 crore in the corresponding period last year, primarily due to unavailability of gold for exporters. The unavailability had resulted from import restrictions by the government, aimed at containing the country's current account deficit.
Now, jewellery exporters would have easy access to gold, and this would help increase exports. Since the supply restrictions were implemented on July 22, a huge quantity of imported gold has been held at ports. Importers continued to pay demurrages; a number of export orders were cancelled, leading to huge losses for jewellers. This led to losses of at least Rs 25,000 for jewellery exporters for every Rs 1 crore of exports. The loss multiplied for diamond jewellery exporters, owing to higher costs of manufacturing.
"The gold export business will come on track now, with the fresh clarifications issued by DGFT. We will be able to receive gold smoothly, as all hazards have been cleared," said Pankaj Parekh, vice-chairman of GJEPC. A recent Reserve Bank of India (RBI) circular mandates the supply of 20 per cent imported gold to exporters. Jewellery exporters were afraid a higher quantity would be denied to them. And, banks were keen to supply only 20 per cent under the central bank's 20:80 formula. But now, jewellers would be able to secure higher quantities if they needed to, Parekh said.
Another major issue was documentary evidence proving inward remittance of foreign receivables of jewellery exports, showing the use of the first lot of gold procured from banks. This was required to secure a third lot of gold for jewellery exports, irrespective of the quantity. GJEPC argued exporters would have to wait for at least 280 days from the date the first lot was secured; this included 90 days of jewellery making, 180 days of inward remittance and 10 days of procedural delays. This would not only make business unviable; also, exporters would have to opt for new business. Now, DGFT has clarified a proof of exports would suffice and make jewellers eligible for a third lot.
"Another big hurdle was the supply of gold from bonded warehouses. Since the record is maintained both by customs and banks, the onus of the proof of gold supply should not lie on customers. With the undertaking given by customers, banks will now be able to supply gold without seeking clearances from multiple authorities every time," said Vipul Shah, chairman, GJEPC.
Now, the ex-bond bill of entry wouldn't have to be filed every time, as mandated by the Customs earlier; a one time receipt would suffice, said Shah. With these clarifications, both gold and diamond jewellery exports were expected to pick up soon, Parekh said.
Government approves fifteen (15) proposals of foreign direct investment amounting to about Rs 2000.49 crore
New Delhi: Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on August 27, 2013, the Central Government has approved 15 proposals of Foreign Direct Investment (FDI) amounting to Rs. 2000.49 crore approximately.
In addition, two proposals viz., M/s IDFC Trustee Company Ltd., as proposed Trustee for India Infrastructure Fund II, Mumbai and M/s Mylan Inc. USA amounting to Rs.10668.00 crore, have been recommended for consideration of Cabinet Committee on Economic Affairs (CCEA).
Details of proposals considered in the Foreign Investment Promotion Board (FIPB) Meeting held on 27th August, 2013 :
Following 15 (Fifteen) proposals have been approved :
Sl. No. Name of the applicant Particulars of the proposal FDI/NRI inflows (Rs. In crore)
1 M/s Grupo Massimo Dutti, S.A. M/s Grupo Massimo Dutti S.A., Spain proposes to form a JV in India to engage in retail trading of Massimo Dutti brand clothing, apparel, footwear, accessories, fragrances and cosmetic products. 2.13
2 M/s Michelin India Tamil Nadu Tyres Pvt. Ltd., Tamil Nadu An LLP with 99% FDI is proposed to be set up in tyre-related R&D and testing by a Swiss Company investing in Michelin tyre companies. 0.049
3 M/s Universal Salvage Limited, England M/s Universal Salvage Ltd., proposes to set up an LLP with 99.999% FDI in its own business domain of provision of auctioneering services of total loss/ used/damaged vehicles. 6.38 ($ 9,99,990)
4 M/s Deep Care Health Pvt. Ltd., Gujarat Fresh issue of 40% equity shares in an existing Pharma Company, M/s Deep Care Health Private Limited to a foreign investor, M/s Rohto Pharmaceutical Company Limited, Japan for product diversification. 15.33
5 M/s Jubilant Pharma Pte Ltd., Singapore M/s Jubilant Pharma Pte Ltd, Singapore has sought approval for setting up a wholly owned subsidiary in India, which will engage in brownfield pharma activities. 1145.10
6 M/s Laurus Labs Pvt. Ltd., Hyderabad M/s Laurus Labs Private Limited, Hyderabad, a foreign owned and controlled Indian company proposes to acquire shares held by two non-resident entities in an existing pharma company, M/s Viziphar Biosciences Private Limited. 0.45
7 M/s Premier Medical Corporation Limited, Mumbai A brownfield Pharma company proposes infusion of further capital from its existing foreign investor. 90.00
8 M/s Advanced Enzyme Technologies Ltd., Mumbai M/s Advanced Enzymes Technologies Limited, an existing Pharma Company, proposes to receive foreign investment pursuant to an IPO and an offer for sale. 200.00
9 M/s Ferring Pharmaceuticals Pvt. Ltd. M/s Ferring BV (Foreign company) proposes to infuse additional capital into M/s Ferring Therapeutics Pvt. Ltd. through its 100 % subsidiary M/s Ferring Pharmaceuticals Pvt. Ltd. 48.90
10 M/s Pama Machine Tools India Pvt. Ltd., New Delhi M/s PAMA Machine Tools India Pvt. Ltd., a heavy engineering sector company, has sought post facto approval for issuance of partly paid up shares to its foreign parent, M/s PAMA Spa, Italy. 0.77
11 M/s Axiom Consulting Pvt. Ltd. Approval has been sought for issue of shares at a pre-agreed priceof an IT company to a director who is a foreign national. 0.19
12 M/s Endeka Ceramics India Pvt. Ltd., Bangalore M/s Endeka Ceramics India Private Limited, Karnataka is a WOS of M/s Endeka Ceramics Holding 1 SLU, Spain. It proposes to issue Compulsory Convertible Preference Shares (CCPS) in lieu of its parent meeting the expenses of its offshore bank guarantees being invoked. Nil
13 M/s Fresenius Kabi India Private Limited M/s Fresenius Kabi India Private Limited, an existing pharma company proposes to issue equity shares to Fresenius Kabi AG, Germany, its parent company. 35.00
14 M/s Symbiotec Pharmalab Limited, Madhya Pradesh An existing pharma sector company proposes to transfer and issue equity shares upto a maximum of 70.86% to a foreign company. 306.19
15 M/s Lotus Surgical Specialities Private Limited, Mumbai M/s Lotus Surgical Specialities Private Limited, an investing company proposed to issue/transfer of shares to M/s Samara Capital Partners Fund II Limited (foreign investor) and make downstream investment in M/s Lotus Surgical Private Limited. 150.00
The following10 (Ten) proposals have been deferred :
Sl. No Name of the applicant Particulars of the proposal
1 M/s XeoInfosoft Pvt. Ltd., Bangalore A software consultancy Company proposes to grant 50% ownership of equity to a Bangladeshi IT professional in order to tap his expertise.
2 M/s Australia Asia Resources LLP, USA M/s Australia Asia Resources LLC, USA proposes to set up an LLP to carry out marketing and technical support services for sale of thermal and metallurgical coals and related commodities.
3 M/s Marketvistas Consumer Insights Pvt. Ltd., (SoniyaMahajani), Mumbai M/s Marketvistas Consumer Insights Private Limited, Mumbai, the Investee company, engaged in market research has sought post-facto approval for issuance of partly paid up shares to M/s Rewhyer Limited, UK.
4 M/s JM Financial Limited, Mumbai M/s JM Financial Limited, an Indian Core Investment company proposes to issue warrants to Mr. Vikram Shankar Pandit, an NRI, on a preferential basis.
5 M/s OriflameIndia Pvt Ltd Post facto approval has been sought by M/s Oriflame India Pvt Ltd for amalgamation with its own group company M/s Silver Oak Laboratories Pvt Ltd, both involved in direct marketing of cosmetics and toiletries.
6 M/s P5 Asia Holding Investments (Mauritius) Limited, Mauritius The applicant, a NR entity proposes to purchase 50% of the shares in an existing broadcasting company with 100% FDI, from another existing NR investor.
7 M/s HBO India Pvt. Ltd., New Delhi An Indian company, viz., M/s HBO India Pvt. Ltd, New Delhi having foreign investment proposes to engage in the activities of down-linking non-news and current affairs television channels.
8 M/s INX Music Pvt. Ltd., Mumbai M/s INX Music Private Limited, a company which aggregates and distributes music content for TV channels, having 70.85% indirect foreign investment proposes to undertake the additional activity of broadcasting of non-news and current affairs channels.
9 M/s Hindustan Coca-Cola Holdings Pvt. Ltd. The Coca-Cola Holding company in India, which is fully foreign owned, is seeking post-facto approval for FDI inducted in the holding company during 2010-2011.
10 M/s Dhanlaxmi Infrastructure Pvt. Ltd., Gujarat A NR company proposes to transfer its holding in an Indian Infrastructure company to its own group company before the completion of the 3 year lock-in-period.
The following 3 (Three) proposals have been rejected :
Sl. No Name of the applicant Particulars of the proposal
1 M/s Rational Resources Ltd., Malta M/s Rational Resources Ltd., Malta proposes to set up a WoS in India to support adapting and localising land-based, mobile and online poker game.
2 M/s India- Pacific Alliance Pvt. Ltd., Mumbai M/s India- Pacific Alliance Pvt Ltd has sought post facto approval for issuance of shares to Pacific Alliance Capital Group, USA against pre-operative expenses borne by its erstwhile group company, M/s Pacific Alliance International.
3 M/s Financial software and Systems Pvt. Ltd., Chennai M/s Financial Software and Systems Private Limited, an Indian financial software transaction processing solutions company, having 43.56% FDI proposes to engage in the additional activity of setting up, owning and operating White Label ATMs.
The following 3 (Three) 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 Quest Global Defence Engineering Services Pvt. Ltd., Bengaluru M/s Quest Global Defence Engineering Services Pvt Ltd, Bengaluru (Investee Company) proposes to issue 26% equity to M/s Quest Global Services Pte Ltd. (foreign investor) to engage in defence-related IT and ITES engineering services. 0.26
2 M/s Boeing Cyprus Holdings Ltd., Cyprus M/s Boeing Cyprus Holdings Ltd, Cyprus proposes to form a WoS in India, to engage in technical and consultancy services in the defence sector. 2.5
3 M/s Eurocopter India Pvt. Ltd. (FC.II: 86/2012) M/s Eurocopter India Private Limited, a WoS of the French helicopter manufacturer, having obtained FC approval for 100% FDI in helicopter-related IT services, requests for deletion of two of the conditions mentioned in FC approval which were imposed as their clients included defence sector clients. Nil
The following 02 (Two) proposals were withdrawn:
Sl. No. Name of the applicant
1 M/s Aluchem Inc., USA
2 M/s Metalsa India Pvt. Ltd., New Delhi
The following 02 (Two) proposals have been recommended for the consideration of CCEA, as the investment involved in the proposals is above Rs.1200.00 crore:
Sl. No Name of the applicant Particulars of the proposal FDI/NRI inflows (Rs. in crore)
1 M/s IDFC Trustee Company Ltd. As Proposed Trustee for India Infrastructure Fund II, Mumbai An Indian company (M/s IDFC Trustee Company Ltd.) has sought approval to set up an AIF category I and for receiving contributions from international investors. 5500.00
2 M/s Mylan Inc. USA A major US pharma group having Indian subsidiaries proposes to acquire another Indian pharma company engaged in manufacture of generic pharmaceutical products. 5168.00
Decision in the following 1 (One) proposal has been kept in abeyance :
Sl. No Name of the applicant Particulars of the proposal
1 M/s Cardolite Specialty Chemicals India Pvt. Ltd., Chennai Conversion of a wholly foreign owned Indian Company into an LLP to be engaged in making industrial products using cashew nutshell liquid technology, followed by further infusion of capital.
In addition, two proposals viz., M/s IDFC Trustee Company Ltd., as proposed Trustee for India Infrastructure Fund II, Mumbai and M/s Mylan Inc. USA amounting to Rs.10668.00 crore, have been recommended for consideration of Cabinet Committee on Economic Affairs (CCEA).
Details of proposals considered in the Foreign Investment Promotion Board (FIPB) Meeting held on 27th August, 2013 :
Following 15 (Fifteen) proposals have been approved :
Sl. No. Name of the applicant Particulars of the proposal FDI/NRI inflows (Rs. In crore)
1 M/s Grupo Massimo Dutti, S.A. M/s Grupo Massimo Dutti S.A., Spain proposes to form a JV in India to engage in retail trading of Massimo Dutti brand clothing, apparel, footwear, accessories, fragrances and cosmetic products. 2.13
2 M/s Michelin India Tamil Nadu Tyres Pvt. Ltd., Tamil Nadu An LLP with 99% FDI is proposed to be set up in tyre-related R&D and testing by a Swiss Company investing in Michelin tyre companies. 0.049
3 M/s Universal Salvage Limited, England M/s Universal Salvage Ltd., proposes to set up an LLP with 99.999% FDI in its own business domain of provision of auctioneering services of total loss/ used/damaged vehicles. 6.38 ($ 9,99,990)
4 M/s Deep Care Health Pvt. Ltd., Gujarat Fresh issue of 40% equity shares in an existing Pharma Company, M/s Deep Care Health Private Limited to a foreign investor, M/s Rohto Pharmaceutical Company Limited, Japan for product diversification. 15.33
5 M/s Jubilant Pharma Pte Ltd., Singapore M/s Jubilant Pharma Pte Ltd, Singapore has sought approval for setting up a wholly owned subsidiary in India, which will engage in brownfield pharma activities. 1145.10
6 M/s Laurus Labs Pvt. Ltd., Hyderabad M/s Laurus Labs Private Limited, Hyderabad, a foreign owned and controlled Indian company proposes to acquire shares held by two non-resident entities in an existing pharma company, M/s Viziphar Biosciences Private Limited. 0.45
7 M/s Premier Medical Corporation Limited, Mumbai A brownfield Pharma company proposes infusion of further capital from its existing foreign investor. 90.00
8 M/s Advanced Enzyme Technologies Ltd., Mumbai M/s Advanced Enzymes Technologies Limited, an existing Pharma Company, proposes to receive foreign investment pursuant to an IPO and an offer for sale. 200.00
9 M/s Ferring Pharmaceuticals Pvt. Ltd. M/s Ferring BV (Foreign company) proposes to infuse additional capital into M/s Ferring Therapeutics Pvt. Ltd. through its 100 % subsidiary M/s Ferring Pharmaceuticals Pvt. Ltd. 48.90
10 M/s Pama Machine Tools India Pvt. Ltd., New Delhi M/s PAMA Machine Tools India Pvt. Ltd., a heavy engineering sector company, has sought post facto approval for issuance of partly paid up shares to its foreign parent, M/s PAMA Spa, Italy. 0.77
11 M/s Axiom Consulting Pvt. Ltd. Approval has been sought for issue of shares at a pre-agreed priceof an IT company to a director who is a foreign national. 0.19
12 M/s Endeka Ceramics India Pvt. Ltd., Bangalore M/s Endeka Ceramics India Private Limited, Karnataka is a WOS of M/s Endeka Ceramics Holding 1 SLU, Spain. It proposes to issue Compulsory Convertible Preference Shares (CCPS) in lieu of its parent meeting the expenses of its offshore bank guarantees being invoked. Nil
13 M/s Fresenius Kabi India Private Limited M/s Fresenius Kabi India Private Limited, an existing pharma company proposes to issue equity shares to Fresenius Kabi AG, Germany, its parent company. 35.00
14 M/s Symbiotec Pharmalab Limited, Madhya Pradesh An existing pharma sector company proposes to transfer and issue equity shares upto a maximum of 70.86% to a foreign company. 306.19
15 M/s Lotus Surgical Specialities Private Limited, Mumbai M/s Lotus Surgical Specialities Private Limited, an investing company proposed to issue/transfer of shares to M/s Samara Capital Partners Fund II Limited (foreign investor) and make downstream investment in M/s Lotus Surgical Private Limited. 150.00
The following10 (Ten) proposals have been deferred :
Sl. No Name of the applicant Particulars of the proposal
1 M/s XeoInfosoft Pvt. Ltd., Bangalore A software consultancy Company proposes to grant 50% ownership of equity to a Bangladeshi IT professional in order to tap his expertise.
2 M/s Australia Asia Resources LLP, USA M/s Australia Asia Resources LLC, USA proposes to set up an LLP to carry out marketing and technical support services for sale of thermal and metallurgical coals and related commodities.
3 M/s Marketvistas Consumer Insights Pvt. Ltd., (SoniyaMahajani), Mumbai M/s Marketvistas Consumer Insights Private Limited, Mumbai, the Investee company, engaged in market research has sought post-facto approval for issuance of partly paid up shares to M/s Rewhyer Limited, UK.
4 M/s JM Financial Limited, Mumbai M/s JM Financial Limited, an Indian Core Investment company proposes to issue warrants to Mr. Vikram Shankar Pandit, an NRI, on a preferential basis.
5 M/s OriflameIndia Pvt Ltd Post facto approval has been sought by M/s Oriflame India Pvt Ltd for amalgamation with its own group company M/s Silver Oak Laboratories Pvt Ltd, both involved in direct marketing of cosmetics and toiletries.
6 M/s P5 Asia Holding Investments (Mauritius) Limited, Mauritius The applicant, a NR entity proposes to purchase 50% of the shares in an existing broadcasting company with 100% FDI, from another existing NR investor.
7 M/s HBO India Pvt. Ltd., New Delhi An Indian company, viz., M/s HBO India Pvt. Ltd, New Delhi having foreign investment proposes to engage in the activities of down-linking non-news and current affairs television channels.
8 M/s INX Music Pvt. Ltd., Mumbai M/s INX Music Private Limited, a company which aggregates and distributes music content for TV channels, having 70.85% indirect foreign investment proposes to undertake the additional activity of broadcasting of non-news and current affairs channels.
9 M/s Hindustan Coca-Cola Holdings Pvt. Ltd. The Coca-Cola Holding company in India, which is fully foreign owned, is seeking post-facto approval for FDI inducted in the holding company during 2010-2011.
10 M/s Dhanlaxmi Infrastructure Pvt. Ltd., Gujarat A NR company proposes to transfer its holding in an Indian Infrastructure company to its own group company before the completion of the 3 year lock-in-period.
The following 3 (Three) proposals have been rejected :
Sl. No Name of the applicant Particulars of the proposal
1 M/s Rational Resources Ltd., Malta M/s Rational Resources Ltd., Malta proposes to set up a WoS in India to support adapting and localising land-based, mobile and online poker game.
2 M/s India- Pacific Alliance Pvt. Ltd., Mumbai M/s India- Pacific Alliance Pvt Ltd has sought post facto approval for issuance of shares to Pacific Alliance Capital Group, USA against pre-operative expenses borne by its erstwhile group company, M/s Pacific Alliance International.
3 M/s Financial software and Systems Pvt. Ltd., Chennai M/s Financial Software and Systems Private Limited, an Indian financial software transaction processing solutions company, having 43.56% FDI proposes to engage in the additional activity of setting up, owning and operating White Label ATMs.
The following 3 (Three) 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 Quest Global Defence Engineering Services Pvt. Ltd., Bengaluru M/s Quest Global Defence Engineering Services Pvt Ltd, Bengaluru (Investee Company) proposes to issue 26% equity to M/s Quest Global Services Pte Ltd. (foreign investor) to engage in defence-related IT and ITES engineering services. 0.26
2 M/s Boeing Cyprus Holdings Ltd., Cyprus M/s Boeing Cyprus Holdings Ltd, Cyprus proposes to form a WoS in India, to engage in technical and consultancy services in the defence sector. 2.5
3 M/s Eurocopter India Pvt. Ltd. (FC.II: 86/2012) M/s Eurocopter India Private Limited, a WoS of the French helicopter manufacturer, having obtained FC approval for 100% FDI in helicopter-related IT services, requests for deletion of two of the conditions mentioned in FC approval which were imposed as their clients included defence sector clients. Nil
The following 02 (Two) proposals were withdrawn:
Sl. No. Name of the applicant
1 M/s Aluchem Inc., USA
2 M/s Metalsa India Pvt. Ltd., New Delhi
The following 02 (Two) proposals have been recommended for the consideration of CCEA, as the investment involved in the proposals is above Rs.1200.00 crore:
Sl. No Name of the applicant Particulars of the proposal FDI/NRI inflows (Rs. in crore)
1 M/s IDFC Trustee Company Ltd. As Proposed Trustee for India Infrastructure Fund II, Mumbai An Indian company (M/s IDFC Trustee Company Ltd.) has sought approval to set up an AIF category I and for receiving contributions from international investors. 5500.00
2 M/s Mylan Inc. USA A major US pharma group having Indian subsidiaries proposes to acquire another Indian pharma company engaged in manufacture of generic pharmaceutical products. 5168.00
Decision in the following 1 (One) proposal has been kept in abeyance :
Sl. No Name of the applicant Particulars of the proposal
1 M/s Cardolite Specialty Chemicals India Pvt. Ltd., Chennai Conversion of a wholly foreign owned Indian Company into an LLP to be engaged in making industrial products using cashew nutshell liquid technology, followed by further infusion of capital.
Government approves fifteen (15) proposals of foreign direct investment amounting to about Rs 2000.49 crore
New Delhi: Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on August 27, 2013, the Central Government has approved 15 proposals of Foreign Direct Investment (FDI) amounting to Rs. 2000.49 crore approximately.
In addition, two proposals viz., M/s IDFC Trustee Company Ltd., as proposed Trustee for India Infrastructure Fund II, Mumbai and M/s Mylan Inc. USA amounting to Rs.10668.00 crore, have been recommended for consideration of Cabinet Committee on Economic Affairs (CCEA).
Details of proposals considered in the Foreign Investment Promotion Board (FIPB) Meeting held on 27th August, 2013 :
Following 15 (Fifteen) proposals have been approved :
Sl. No. Name of the applicant Particulars of the proposal FDI/NRI inflows (Rs. In crore)
1 M/s Grupo Massimo Dutti, S.A. M/s Grupo Massimo Dutti S.A., Spain proposes to form a JV in India to engage in retail trading of Massimo Dutti brand clothing, apparel, footwear, accessories, fragrances and cosmetic products. 2.13
2 M/s Michelin India Tamil Nadu Tyres Pvt. Ltd., Tamil Nadu An LLP with 99% FDI is proposed to be set up in tyre-related R&D and testing by a Swiss Company investing in Michelin tyre companies. 0.049
3 M/s Universal Salvage Limited, England M/s Universal Salvage Ltd., proposes to set up an LLP with 99.999% FDI in its own business domain of provision of auctioneering services of total loss/ used/damaged vehicles. 6.38 ($ 9,99,990)
4 M/s Deep Care Health Pvt. Ltd., Gujarat Fresh issue of 40% equity shares in an existing Pharma Company, M/s Deep Care Health Private Limited to a foreign investor, M/s Rohto Pharmaceutical Company Limited, Japan for product diversification. 15.33
5 M/s Jubilant Pharma Pte Ltd., Singapore M/s Jubilant Pharma Pte Ltd, Singapore has sought approval for setting up a wholly owned subsidiary in India, which will engage in brownfield pharma activities. 1145.10
6 M/s Laurus Labs Pvt. Ltd., Hyderabad M/s Laurus Labs Private Limited, Hyderabad, a foreign owned and controlled Indian company proposes to acquire shares held by two non-resident entities in an existing pharma company, M/s Viziphar Biosciences Private Limited. 0.45
7 M/s Premier Medical Corporation Limited, Mumbai A brownfield Pharma company proposes infusion of further capital from its existing foreign investor. 90.00
8 M/s Advanced Enzyme Technologies Ltd., Mumbai M/s Advanced Enzymes Technologies Limited, an existing Pharma Company, proposes to receive foreign investment pursuant to an IPO and an offer for sale. 200.00
9 M/s Ferring Pharmaceuticals Pvt. Ltd. M/s Ferring BV (Foreign company) proposes to infuse additional capital into M/s Ferring Therapeutics Pvt. Ltd. through its 100 % subsidiary M/s Ferring Pharmaceuticals Pvt. Ltd. 48.90
10 M/s Pama Machine Tools India Pvt. Ltd., New Delhi M/s PAMA Machine Tools India Pvt. Ltd., a heavy engineering sector company, has sought post facto approval for issuance of partly paid up shares to its foreign parent, M/s PAMA Spa, Italy. 0.77
11 M/s Axiom Consulting Pvt. Ltd. Approval has been sought for issue of shares at a pre-agreed priceof an IT company to a director who is a foreign national. 0.19
12 M/s Endeka Ceramics India Pvt. Ltd., Bangalore M/s Endeka Ceramics India Private Limited, Karnataka is a WOS of M/s Endeka Ceramics Holding 1 SLU, Spain. It proposes to issue Compulsory Convertible Preference Shares (CCPS) in lieu of its parent meeting the expenses of its offshore bank guarantees being invoked. Nil
13 M/s Fresenius Kabi India Private Limited M/s Fresenius Kabi India Private Limited, an existing pharma company proposes to issue equity shares to Fresenius Kabi AG, Germany, its parent company. 35.00
14 M/s Symbiotec Pharmalab Limited, Madhya Pradesh An existing pharma sector company proposes to transfer and issue equity shares upto a maximum of 70.86% to a foreign company. 306.19
15 M/s Lotus Surgical Specialities Private Limited, Mumbai M/s Lotus Surgical Specialities Private Limited, an investing company proposed to issue/transfer of shares to M/s Samara Capital Partners Fund II Limited (foreign investor) and make downstream investment in M/s Lotus Surgical Private Limited. 150.00
The following10 (Ten) proposals have been deferred :
Sl. No Name of the applicant Particulars of the proposal
1 M/s XeoInfosoft Pvt. Ltd., Bangalore A software consultancy Company proposes to grant 50% ownership of equity to a Bangladeshi IT professional in order to tap his expertise.
2 M/s Australia Asia Resources LLP, USA M/s Australia Asia Resources LLC, USA proposes to set up an LLP to carry out marketing and technical support services for sale of thermal and metallurgical coals and related commodities.
3 M/s Marketvistas Consumer Insights Pvt. Ltd., (SoniyaMahajani), Mumbai M/s Marketvistas Consumer Insights Private Limited, Mumbai, the Investee company, engaged in market research has sought post-facto approval for issuance of partly paid up shares to M/s Rewhyer Limited, UK.
4 M/s JM Financial Limited, Mumbai M/s JM Financial Limited, an Indian Core Investment company proposes to issue warrants to Mr. Vikram Shankar Pandit, an NRI, on a preferential basis.
5 M/s OriflameIndia Pvt Ltd Post facto approval has been sought by M/s Oriflame India Pvt Ltd for amalgamation with its own group company M/s Silver Oak Laboratories Pvt Ltd, both involved in direct marketing of cosmetics and toiletries.
6 M/s P5 Asia Holding Investments (Mauritius) Limited, Mauritius The applicant, a NR entity proposes to purchase 50% of the shares in an existing broadcasting company with 100% FDI, from another existing NR investor.
7 M/s HBO India Pvt. Ltd., New Delhi An Indian company, viz., M/s HBO India Pvt. Ltd, New Delhi having foreign investment proposes to engage in the activities of down-linking non-news and current affairs television channels.
8 M/s INX Music Pvt. Ltd., Mumbai M/s INX Music Private Limited, a company which aggregates and distributes music content for TV channels, having 70.85% indirect foreign investment proposes to undertake the additional activity of broadcasting of non-news and current affairs channels.
9 M/s Hindustan Coca-Cola Holdings Pvt. Ltd. The Coca-Cola Holding company in India, which is fully foreign owned, is seeking post-facto approval for FDI inducted in the holding company during 2010-2011.
10 M/s Dhanlaxmi Infrastructure Pvt. Ltd., Gujarat A NR company proposes to transfer its holding in an Indian Infrastructure company to its own group company before the completion of the 3 year lock-in-period.
The following 3 (Three) proposals have been rejected :
Sl. No Name of the applicant Particulars of the proposal
1 M/s Rational Resources Ltd., Malta M/s Rational Resources Ltd., Malta proposes to set up a WoS in India to support adapting and localising land-based, mobile and online poker game.
2 M/s India- Pacific Alliance Pvt. Ltd., Mumbai M/s India- Pacific Alliance Pvt Ltd has sought post facto approval for issuance of shares to Pacific Alliance Capital Group, USA against pre-operative expenses borne by its erstwhile group company, M/s Pacific Alliance International.
3 M/s Financial software and Systems Pvt. Ltd., Chennai M/s Financial Software and Systems Private Limited, an Indian financial software transaction processing solutions company, having 43.56% FDI proposes to engage in the additional activity of setting up, owning and operating White Label ATMs.
The following 3 (Three) 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 Quest Global Defence Engineering Services Pvt. Ltd., Bengaluru M/s Quest Global Defence Engineering Services Pvt Ltd, Bengaluru (Investee Company) proposes to issue 26% equity to M/s Quest Global Services Pte Ltd. (foreign investor) to engage in defence-related IT and ITES engineering services. 0.26
2 M/s Boeing Cyprus Holdings Ltd., Cyprus M/s Boeing Cyprus Holdings Ltd, Cyprus proposes to form a WoS in India, to engage in technical and consultancy services in the defence sector. 2.5
3 M/s Eurocopter India Pvt. Ltd. (FC.II: 86/2012) M/s Eurocopter India Private Limited, a WoS of the French helicopter manufacturer, having obtained FC approval for 100% FDI in helicopter-related IT services, requests for deletion of two of the conditions mentioned in FC approval which were imposed as their clients included defence sector clients. Nil
The following 02 (Two) proposals were withdrawn:
Sl. No. Name of the applicant
1 M/s Aluchem Inc., USA
2 M/s Metalsa India Pvt. Ltd., New Delhi
The following 02 (Two) proposals have been recommended for the consideration of CCEA, as the investment involved in the proposals is above Rs.1200.00 crore:
Sl. No Name of the applicant Particulars of the proposal FDI/NRI inflows (Rs. in crore)
1 M/s IDFC Trustee Company Ltd. As Proposed Trustee for India Infrastructure Fund II, Mumbai An Indian company (M/s IDFC Trustee Company Ltd.) has sought approval to set up an AIF category I and for receiving contributions from international investors. 5500.00
2 M/s Mylan Inc. USA A major US pharma group having Indian subsidiaries proposes to acquire another Indian pharma company engaged in manufacture of generic pharmaceutical products. 5168.00
Decision in the following 1 (One) proposal has been kept in abeyance :
Sl. No Name of the applicant Particulars of the proposal
1 M/s Cardolite Specialty Chemicals India Pvt. Ltd., Chennai Conversion of a wholly foreign owned Indian Company into an LLP to be engaged in making industrial products using cashew nutshell liquid technology, followed by further infusion of capital.
In addition, two proposals viz., M/s IDFC Trustee Company Ltd., as proposed Trustee for India Infrastructure Fund II, Mumbai and M/s Mylan Inc. USA amounting to Rs.10668.00 crore, have been recommended for consideration of Cabinet Committee on Economic Affairs (CCEA).
Details of proposals considered in the Foreign Investment Promotion Board (FIPB) Meeting held on 27th August, 2013 :
Following 15 (Fifteen) proposals have been approved :
Sl. No. Name of the applicant Particulars of the proposal FDI/NRI inflows (Rs. In crore)
1 M/s Grupo Massimo Dutti, S.A. M/s Grupo Massimo Dutti S.A., Spain proposes to form a JV in India to engage in retail trading of Massimo Dutti brand clothing, apparel, footwear, accessories, fragrances and cosmetic products. 2.13
2 M/s Michelin India Tamil Nadu Tyres Pvt. Ltd., Tamil Nadu An LLP with 99% FDI is proposed to be set up in tyre-related R&D and testing by a Swiss Company investing in Michelin tyre companies. 0.049
3 M/s Universal Salvage Limited, England M/s Universal Salvage Ltd., proposes to set up an LLP with 99.999% FDI in its own business domain of provision of auctioneering services of total loss/ used/damaged vehicles. 6.38 ($ 9,99,990)
4 M/s Deep Care Health Pvt. Ltd., Gujarat Fresh issue of 40% equity shares in an existing Pharma Company, M/s Deep Care Health Private Limited to a foreign investor, M/s Rohto Pharmaceutical Company Limited, Japan for product diversification. 15.33
5 M/s Jubilant Pharma Pte Ltd., Singapore M/s Jubilant Pharma Pte Ltd, Singapore has sought approval for setting up a wholly owned subsidiary in India, which will engage in brownfield pharma activities. 1145.10
6 M/s Laurus Labs Pvt. Ltd., Hyderabad M/s Laurus Labs Private Limited, Hyderabad, a foreign owned and controlled Indian company proposes to acquire shares held by two non-resident entities in an existing pharma company, M/s Viziphar Biosciences Private Limited. 0.45
7 M/s Premier Medical Corporation Limited, Mumbai A brownfield Pharma company proposes infusion of further capital from its existing foreign investor. 90.00
8 M/s Advanced Enzyme Technologies Ltd., Mumbai M/s Advanced Enzymes Technologies Limited, an existing Pharma Company, proposes to receive foreign investment pursuant to an IPO and an offer for sale. 200.00
9 M/s Ferring Pharmaceuticals Pvt. Ltd. M/s Ferring BV (Foreign company) proposes to infuse additional capital into M/s Ferring Therapeutics Pvt. Ltd. through its 100 % subsidiary M/s Ferring Pharmaceuticals Pvt. Ltd. 48.90
10 M/s Pama Machine Tools India Pvt. Ltd., New Delhi M/s PAMA Machine Tools India Pvt. Ltd., a heavy engineering sector company, has sought post facto approval for issuance of partly paid up shares to its foreign parent, M/s PAMA Spa, Italy. 0.77
11 M/s Axiom Consulting Pvt. Ltd. Approval has been sought for issue of shares at a pre-agreed priceof an IT company to a director who is a foreign national. 0.19
12 M/s Endeka Ceramics India Pvt. Ltd., Bangalore M/s Endeka Ceramics India Private Limited, Karnataka is a WOS of M/s Endeka Ceramics Holding 1 SLU, Spain. It proposes to issue Compulsory Convertible Preference Shares (CCPS) in lieu of its parent meeting the expenses of its offshore bank guarantees being invoked. Nil
13 M/s Fresenius Kabi India Private Limited M/s Fresenius Kabi India Private Limited, an existing pharma company proposes to issue equity shares to Fresenius Kabi AG, Germany, its parent company. 35.00
14 M/s Symbiotec Pharmalab Limited, Madhya Pradesh An existing pharma sector company proposes to transfer and issue equity shares upto a maximum of 70.86% to a foreign company. 306.19
15 M/s Lotus Surgical Specialities Private Limited, Mumbai M/s Lotus Surgical Specialities Private Limited, an investing company proposed to issue/transfer of shares to M/s Samara Capital Partners Fund II Limited (foreign investor) and make downstream investment in M/s Lotus Surgical Private Limited. 150.00
The following10 (Ten) proposals have been deferred :
Sl. No Name of the applicant Particulars of the proposal
1 M/s XeoInfosoft Pvt. Ltd., Bangalore A software consultancy Company proposes to grant 50% ownership of equity to a Bangladeshi IT professional in order to tap his expertise.
2 M/s Australia Asia Resources LLP, USA M/s Australia Asia Resources LLC, USA proposes to set up an LLP to carry out marketing and technical support services for sale of thermal and metallurgical coals and related commodities.
3 M/s Marketvistas Consumer Insights Pvt. Ltd., (SoniyaMahajani), Mumbai M/s Marketvistas Consumer Insights Private Limited, Mumbai, the Investee company, engaged in market research has sought post-facto approval for issuance of partly paid up shares to M/s Rewhyer Limited, UK.
4 M/s JM Financial Limited, Mumbai M/s JM Financial Limited, an Indian Core Investment company proposes to issue warrants to Mr. Vikram Shankar Pandit, an NRI, on a preferential basis.
5 M/s OriflameIndia Pvt Ltd Post facto approval has been sought by M/s Oriflame India Pvt Ltd for amalgamation with its own group company M/s Silver Oak Laboratories Pvt Ltd, both involved in direct marketing of cosmetics and toiletries.
6 M/s P5 Asia Holding Investments (Mauritius) Limited, Mauritius The applicant, a NR entity proposes to purchase 50% of the shares in an existing broadcasting company with 100% FDI, from another existing NR investor.
7 M/s HBO India Pvt. Ltd., New Delhi An Indian company, viz., M/s HBO India Pvt. Ltd, New Delhi having foreign investment proposes to engage in the activities of down-linking non-news and current affairs television channels.
8 M/s INX Music Pvt. Ltd., Mumbai M/s INX Music Private Limited, a company which aggregates and distributes music content for TV channels, having 70.85% indirect foreign investment proposes to undertake the additional activity of broadcasting of non-news and current affairs channels.
9 M/s Hindustan Coca-Cola Holdings Pvt. Ltd. The Coca-Cola Holding company in India, which is fully foreign owned, is seeking post-facto approval for FDI inducted in the holding company during 2010-2011.
10 M/s Dhanlaxmi Infrastructure Pvt. Ltd., Gujarat A NR company proposes to transfer its holding in an Indian Infrastructure company to its own group company before the completion of the 3 year lock-in-period.
The following 3 (Three) proposals have been rejected :
Sl. No Name of the applicant Particulars of the proposal
1 M/s Rational Resources Ltd., Malta M/s Rational Resources Ltd., Malta proposes to set up a WoS in India to support adapting and localising land-based, mobile and online poker game.
2 M/s India- Pacific Alliance Pvt. Ltd., Mumbai M/s India- Pacific Alliance Pvt Ltd has sought post facto approval for issuance of shares to Pacific Alliance Capital Group, USA against pre-operative expenses borne by its erstwhile group company, M/s Pacific Alliance International.
3 M/s Financial software and Systems Pvt. Ltd., Chennai M/s Financial Software and Systems Private Limited, an Indian financial software transaction processing solutions company, having 43.56% FDI proposes to engage in the additional activity of setting up, owning and operating White Label ATMs.
The following 3 (Three) 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 Quest Global Defence Engineering Services Pvt. Ltd., Bengaluru M/s Quest Global Defence Engineering Services Pvt Ltd, Bengaluru (Investee Company) proposes to issue 26% equity to M/s Quest Global Services Pte Ltd. (foreign investor) to engage in defence-related IT and ITES engineering services. 0.26
2 M/s Boeing Cyprus Holdings Ltd., Cyprus M/s Boeing Cyprus Holdings Ltd, Cyprus proposes to form a WoS in India, to engage in technical and consultancy services in the defence sector. 2.5
3 M/s Eurocopter India Pvt. Ltd. (FC.II: 86/2012) M/s Eurocopter India Private Limited, a WoS of the French helicopter manufacturer, having obtained FC approval for 100% FDI in helicopter-related IT services, requests for deletion of two of the conditions mentioned in FC approval which were imposed as their clients included defence sector clients. Nil
The following 02 (Two) proposals were withdrawn:
Sl. No. Name of the applicant
1 M/s Aluchem Inc., USA
2 M/s Metalsa India Pvt. Ltd., New Delhi
The following 02 (Two) proposals have been recommended for the consideration of CCEA, as the investment involved in the proposals is above Rs.1200.00 crore:
Sl. No Name of the applicant Particulars of the proposal FDI/NRI inflows (Rs. in crore)
1 M/s IDFC Trustee Company Ltd. As Proposed Trustee for India Infrastructure Fund II, Mumbai An Indian company (M/s IDFC Trustee Company Ltd.) has sought approval to set up an AIF category I and for receiving contributions from international investors. 5500.00
2 M/s Mylan Inc. USA A major US pharma group having Indian subsidiaries proposes to acquire another Indian pharma company engaged in manufacture of generic pharmaceutical products. 5168.00
Decision in the following 1 (One) proposal has been kept in abeyance :
Sl. No Name of the applicant Particulars of the proposal
1 M/s Cardolite Specialty Chemicals India Pvt. Ltd., Chennai Conversion of a wholly foreign owned Indian Company into an LLP to be engaged in making industrial products using cashew nutshell liquid technology, followed by further infusion of capital.
FIIs infused Rs 13,000 crore in the Indian stock market during September 2013
New Delhi: Foreign institutional investors (FIIs) have invested Rs 13,000 crore in the Indian stock market during September 2013, after the announcement of new measures to boost the economic growth by Mr Raghuram Rajan, Governor, Reserve Bank of India (RBI). Moreover, the US Federal Reserve’s decision to leave its stimulus programme unchanged also encouraged foreign investors to park funds in the Indian equities.
Inflows in equities were about Rs 13,228 crore during September 2-27, 2013. There is just one trading session left for this month.
Renewed buying by FIIs was witnessed after Mr Rajan took over as the RBI chief and announced a slew of measures to attract dollar inflows, including enhanced limits for exporters to re-book the cancelled forward exchange contracts and a window for banks to swap the foreign currency deposits.
Besides, Federal Reserve’s decision to continue with its monthly US$ 85 billion bond-buying programme and wait for more signs of growth recovery have encouraged FIIs to invest in the Indian equity market.
Since the beginning of 2013, FIIs have infused Rs 73,398 crore in equities.
Inflows in equities were about Rs 13,228 crore during September 2-27, 2013. There is just one trading session left for this month.
Renewed buying by FIIs was witnessed after Mr Rajan took over as the RBI chief and announced a slew of measures to attract dollar inflows, including enhanced limits for exporters to re-book the cancelled forward exchange contracts and a window for banks to swap the foreign currency deposits.
Besides, Federal Reserve’s decision to continue with its monthly US$ 85 billion bond-buying programme and wait for more signs of growth recovery have encouraged FIIs to invest in the Indian equity market.
Since the beginning of 2013, FIIs have infused Rs 73,398 crore in equities.
Asean and India to explore areas of cooperation in agriculture
Agriculture Minister to Participate in Asean-India Meet in Agriculture, in Kuala Lumpur
Minister for Agriculture and Food Processing Industries, Shri Sharad Pawar, has left for Kuala Lumpur to participate in the third ASEAN-India Ministerial Meeting on Agriculture. He will address the meet tomorrow.
The 2nd Ministerial Meeting was held in New Delhi in October 2012. After that, a number of exchanges between researchers and policy makers have taken place. A group of farmers also recently visited Malaysia under the cooperation.
The meeting is expected to strengthen cooperation between the ASEAN nations and India. The ASEAN and India have, in the recent years, worked on many areas of cooperation, especially in research and education. These include:
Fellowships for higher education in the field of agriculture and allied sciences
Exchange of scientists between agricultural education, research and extension institutions of ASEAN member states and India
Information Technology Applications for Agricultural Extension (e-Extension)
Organic certification for fruit and vegetables
Organizing and implementing an effective National Seed Quality Control System, and
Spatial and temporal dynamics of avian influenza viruses in wild and aquatic migratory birds of India.
Minister for Agriculture and Food Processing Industries, Shri Sharad Pawar, has left for Kuala Lumpur to participate in the third ASEAN-India Ministerial Meeting on Agriculture. He will address the meet tomorrow.
The 2nd Ministerial Meeting was held in New Delhi in October 2012. After that, a number of exchanges between researchers and policy makers have taken place. A group of farmers also recently visited Malaysia under the cooperation.
The meeting is expected to strengthen cooperation between the ASEAN nations and India. The ASEAN and India have, in the recent years, worked on many areas of cooperation, especially in research and education. These include:
Fellowships for higher education in the field of agriculture and allied sciences
Exchange of scientists between agricultural education, research and extension institutions of ASEAN member states and India
Information Technology Applications for Agricultural Extension (e-Extension)
Organic certification for fruit and vegetables
Organizing and implementing an effective National Seed Quality Control System, and
Spatial and temporal dynamics of avian influenza viruses in wild and aquatic migratory birds of India.
Sunday, September 29, 2013
Mitsubishi Electric plans Rs 300 cr investments
Mumbai: Japanese electronics and electrical equipments manufacturer, Mitsubishi Electric is planning to invest about Rs 300 crore by 2016. The investment would be mainly for equity infusion and capital expenditure, a company senior official told Business Line.
The official said that out of the total investment about Rs 80 crore would be invested in Chennai for manufacturing elevators and another Rs 100 crore for making air-conditioning equipment. The site for the air-conditioning unit has not been decided but it would be in North India.
The official said that out of the total investment about Rs 80 crore would be invested in Chennai for manufacturing elevators and another Rs 100 crore for making air-conditioning equipment. The site for the air-conditioning unit has not been decided but it would be in North India.
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