Government Approves Seven (7) Proposals of Foreign Direct Investment (FDI)
Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its 238th Meeting held on 3rd August 2016, the Central Government has approved seven (07) FDI proposals as per details enclosed.
|S. No||Item No||Name of the applicant||Gist of the proposal||Sector||FDI (Rs. crore)|
|1||2||M/s IMCD India Pvt. Ltd||Post facto approval for issuing 42,13,814 equity shares of Rs. 10 fully paid up at a premium of Rs. 140 per share to IMCD Finance BV as consideration for transfer of IMCD Group BVs Indian branch into IMCD India pursuant to a court approved scheme of demerger. The fair value of the share has been determined to be Rs. 14.04 per share.||Wholesale Trading||Nil|
|2||3||M/s Fincare Business Services Private Limited||Approval has been sought for amendment in the Clause 2, 5 and 6 of the approval letter dated 08.05.2015||Investing company/ Small Finance Bank||Nil|
|3||6||Haymarket SAC Publishing (India) Private Limited||Haymarket SAC Publishing (India) Private Limited has sought an approval for the take over the publication of the specialty magazine “Print Week” from Haymarket Media (India) Private Limited, its sister concern||Publication||Nil|
|4||7||M/s Laurus Labs Private Limited||Approval for downstream investment into Sriam Labs Private Limited (‘Sriam Labs’) by purchase of 10,368,455 equity shares of Rs. 10 each representing 73% of fully paid-up equity share capital of Sriam Labs from the existing shareholders for a total consideration of an amount of Rs. 22.99 crores, thereby Sriam Labs will become 100% wholly owned subsidiary of Laurus Labs||Pharma||22.99|
|5||11||M/s Reckitt Benckiser (India) Limited.||M/s Reckitt Benckiser (India) Limited, a WOS of the Reckitt group, proposes to acquire 25.028% paid up share capital of M/s Reckitt Benckiser Healthcare India Limited from its current foreign investor viz. M/s Reckitt Benckiser (Singapore) Pte. Ltd., Singapore||Pharma||Nil (outflow of Rs 812 crore approx.)|
|6||13||Samara Capital Partners Fund II Limited||Approval has been sought for the purchase of 100% of the shareholding of Adcock Ingram Healthcare Private Limited from Adcock Ingram Healthcare (Pty) Ltd and Adcock Ingram International (Pty) Ltd||Pharma||Nil|
|7||16||M/s Tikona Digital Networks Pvt Ltd||Approval has been sought for the issuance of CCDs thereby increasing foreign equity to 76.73%||Telecom||267.00|
The following seven (07) proposals have been deferred:
|S. No.||Item No||Name of the applicant||Gist of the proposal||Sector|
|1||5||M/s Celon Laboratories Limited||Approval has been sought for amendment in the following conditions in the FIPB approval letter dated August 3, 2015 and FIPB approval letter dated October 16, 2015.||Pharma|
|2||9||The Financial Times (India) Private Limited||(i) Transfer of 99.99% of The Financial Times (India) Private Limited, to Falstaff Singapore Pte Ltd, currently held by Pearson, Singapore for an aggregate consideration of SGD 1 (ii) Transfer of 1 share of The Financial Times (India) Private Limited to Falstaff Singapore Pte Ltd, currently held by Pearson, Amsterdam (iii) Transfer of entire shareholding of Falstaff Singapore Pte Ltd to Nikkei Inc, currently held by Pearson, Amsterdam||Publishing|
|3||10||M/s HSBC Securities and Capital Markets (India) Pvt Ltd||Approval has been sought for: –
I. Merger of the FIPB approval letter no. FC-II 229(1994)/300(1994) dated 13.05.1994 (read along with 18 amendments) and approval letter no. FC-II 160(2005)/157(2005) dated 21.06.2005.
II. Incorporating a Wholly Owned Subsidiary which will act as a trustee company to HSBC Mutual Fund.
III. HSBC InvestDirect Financial Services(India) Limited[WoS of HSBC Invest Direct (India) Ltd] to engage into additional activities
|4||14||Quintillion Business Media Private Limited||Approval has been sought for the issuance of equity shares to BLOOMBERG L.P. The investee company is proposed to be engaged inter alia in the uplinking and broadcasting of a business news television channel and operating related digital content platform in India.||Up-linking of Non-News|
|5||15||M/s Morgan Stanley India Primary Dealer Private Ltd||Approval for increasing equity participation from 75% to 100% by way of transfer of equity shares from M/s Morgan Stanley India Capital Private Limited (indirectly owned by Foreign Investor) to M/s Morgan Stanley Mauritius Company Limited, Mauritius by amending the earlier approval.||Financial Services|
|6||18||M/s Idea Cellular Infrastructure Services Limited||The applicant i.e. M/s Idea Cellular Infrastructure Services Limited (ICISL) is a wholly owned subsidiary of IDEA, which has become a foreign owned company with more that 50% foreign investment. Accordingly, ICISL is also deemed to have foreign investment in excess of 50% as a mirror image of its parent company. The proposal is to take on record the increase of foreign investment in ICISL beyond 50% and allow foreign investment in ICISL up to 67.5%.||Telecom|
|7||19||M/s BT Global Communications (Mauritius) Limited||Approval to acquire remaining 26% equity and preference share capital of M/s BT Telecom India Private Limited (Investee Company) from M/s Jubilant Stock Holding Private Limited, which will result in increasing its shareholding in the investee company from 74% to 100%.||Telecom|
The following five (05) proposals have been rejected: