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Government approves five proposals of foreign direct investment (FDI) amounting to about Rs. 1133.41 crore

Press Information Bureau:  January 16, 2014

Based on the recommendations of Foreign Investment Promotion Board (FIPB) made in its meeting held on December 30, 2013, the Government of India has approved five (05) proposals of Foreign Direct Investment (FDI) amounting to Rs. 1133.41 crore approximately.

Details of proposals considered in the Foreign Investment Promotion Board (FIPB) Meeting held on 30.12.2013 are as follows:.

Following five (05) proposals have been approved:

Sl. No. Name of the applicant Particulars of the proposal FDI/NRI inflows (Rs. in crore)
1 M/s SingTel Global (India) Pvt. Ltd. To increase the foreign equity participation of the existing foreign investor from 74% to 100% in telecom sector company. 2.98
2 M/s Tikona Digital Networks Pvt. Ltd. To Increase foreign equity participation upto 72.58% by issuing compulsorily convertible debentures (CCDs) and equity shares to the existing non-resident investors on a rights basis. The company is engaged in the business of Provision of ISP services, including developing, establishing and operating infrastructure as a Category – A Internet Service Provider. 248.00
3 M/s Tesco Overseas Investments Ltd. To acquire (through purchase and subscription) 50% of the equity share capital of the Indian company to engage in the multi brand retail trading of products in India through a chain of stores. 682.43 (US $ 110 million)
4 M/s Fresenius Kabi India Private Limited An existing pharma company to issue shares to its parent company (Non Resident). 200.00
5 M/s Johnson & Johnson Ltd. Due to the Johnson & Johnson Group taking over the Synthes Group of companies in Aprill 2011 overseas, the Indian subsidiaries of the two groups are being merged. No fresh inflow

The following three (03) proposals have been deferred:

Sl. No. Name of the applicant Particulars of the proposal
1 M/s Kineco Kaman Composites-India Pvt. Ltd., Goa Company having 26% FDI, proposes to undertake the additional activity of supplying products and research and development services to the defence sector, alongside its existing activity.
2 M/s HBM Private Equity India, Mauritius Induction of foreign equity in an existing company in pharma sector.
3 M/s HDFC Bank Ltd., Mumbai To maintain the permissible foreign holding in the bank up to 67.55% of the total paid up capital, out of which the FII sub-limit would be 49% and the balance 18.55% would be FDI.

The following two (02) proposals have been kept in abeyance:

Sl. No. Name of the applicant Particulars of the proposal
1 M/s Arkadin SAS Overseas acquisition of its parent company namely M/s Arkadin International SAS by NTT Communication Corporation.
2 M/s G+J International Magazines GmbH Pvt. Ltd. To increase foreign equity participation in an Indian company engaged in publishing specialty and lifestyle magazines, from 78.75% to upto 100%.

The following one (01) proposal has been withdrawn from the agenda:

S. No Name of the applicant
1 M/s Xeo Infosoft Pvt. Ltd., Bangalore

The following one (01) proposal has been recommended for the consideration of CCEA, as the investment involved in the proposal is above Rs. 1200.00 crore:

Sl. No. Name of the applicant Particulars of the proposal
1 M/s CGP India Investments Ltd. An indirect subsidiary of the Vodafone Group to increase foreign equity in M/s Vodafone India Limited from 64.38% to 100% in telecom sector.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.