Government Approves Twelve (12) Proposals of Foreign Direct Investment (FDI) Amounting to Approximately Rs.1827.24 Crore



Government Approves Twelve (12) Proposals of Foreign Direct Investment (FDI) Amounting to Approximately Rs.1827.24 Crore 



            Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on 19th December 2014, the Government of India has approved twelve (12) proposals of Foreign Direct Investment (FDI) amounting to Rs.1827.24 crore approximately. 


            In addition, one proposal relating to M/s HDFC Bank Limited has 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 19.12.2014 are as follows:

            Following 11 (eleven) proposals have been approved by the Government:

Sl. No.
Name of the applicant
Gist of the proposal
Sector
Proposed FDI (in Rs. crore)
1
M/s Tevapharm India Pvt. Ltd
A 100% foreign owned Indian brownfield pharma company is seeking approval for the issuance of equity shares amounting to USD 70 million (approx.) to M/s Teva Pharmaceutical Investments Singapore Pte Ltd., Singapore (existing investor) thereby increasing its current shareholding of 55.13% to 74.20%..
Pharma
422.00
2
M/s Symbiotec Pharmalab Pvt. Ltd., MP
M/s Symbiotec Pharmalab Limited, an existing pharma company, is seeking approval for increasing foreign investment in its paid up capital by transfer of its equity shares from resident shareholders   to a non-resident.
Pharma
3.36
(approx.)
3
M/s Fresenius Kabi India Private Ltd.
Approval has been sought by Fresenius Kabi India Private Limited for (i) issuance of shares on a right basis to its parent company, M/s Fresenius Kabi AG, Germany and (ii) conversion of a loan taken from its parent company into equity shares, both in various tranches.
Misc- Manufacturing Pharma products
198.80
4
M/s Novartis Healthcare Pvt. Ltd.
Approval has been sought by transfer of shares constituting 49% of the share capital of Novartis Healthcare Private Limited held by foreign shareholders from Non-resident to Non- resident by way of gift.
Pharma
Transfer is by way of gift
5

M/s Intonation Research Laboratories Pvt. Ltd.
The Company proposes to bring additional foreign investment of up to US $ 1 million by issuing shares to existing shareholders Mr. Suresh Kumar Jain (US $ 550, 000) and Mr. Dejain Bojanic (US $ 450,000).
Pharma
6.30
(approx.)
6
M/s Ratnakar Bank Limited, Mumbai
Approval has been sought by M/s Ratnakar Bank Limited for an Initial Public Offer (IPO) of its equity shares to residents, Non-residents including Foreign Portfolio Investors (FPIs), Foreign Institutional Investors (FII), Foreign Venture capital Investors (FVCIs), thereby increasing the aggregate foreign investment from the approved 55% to 74%
Financial Services / Banking
Private Sector
1150.00
7
M/s Napesco International Petroleum Services Company (WLL), Kuwait
M/s Napesco International Petroleum Services Company (WLL), Kuwait and others propose to set up an LLP with foreign investment upto 99.99% of the capital of the proposed LLP.
LLP
24.99
8
M/s Signet Plastic Pvt. Ltd
M/s Signet Plastic Pvt. Ltd. for conversion of Company into LLP. M/s Signet Plastic Pvt. Ltd. was incorporated on 18/02/2011 and is currently in the construction phase for manufacturing of plastic products.
       LLP
Nil
9
M/s Lausanne Hospitality Consulting Sa, Switzerland
M/s Lausanne Hospitality Consulting (LHC) SA, Switzerland proposes to set up an LLP with foreign investment upto 99.99% in hospitality training and consulting services in the field of hospitality.
       LLP
1.79
10
Mr. Anurag Kumar



M/s Biodeal Pharmaceuticals Private Limited. (BPPL) formed in December 2005, is an existing pharma manufacturer, having their own manufacturing plant situated in Himachal Pradesh. The company is currently held 51% by M/s Hovid Berhad, a Malaysian company and the balance 49% by the Indian promoters group represented by Mr. Thobanbhai Kurjibhai Patel.
Pharma
20.00
11
M/s Dr. Willmar Schwabe India Private Limited
For decision on the additional conditions imposed by Ministry of Health & Family Welfare and Ministry of Environment & Forest post the FIPB meeting.
Recommended with additional conditions  as imposed by Ministry of Environment & Forest
Nil

  The following twelve (12) proposals have been recommended to be deferred:

Sl. No.
Name of the applicant
Gist of the proposal
Sector



1

M/s Sprint Telecom India Pvt. Ltd. (Two Proposals)
M/s Sprint International Holding, Inc., USA is seeking approval to increase its foreign equity participation in M/s Sprint Telecom India Private Limited from 74% to 100% through a combination of fresh issue of shares and purchase of shares from the resident shareholders.


Telecom


2


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 a non-news and current affairs channel, as proposed scheme of arrangement.


IT / Broadcasting




3
M/s Insight Media City (India) Pvt.
M/s Insight Media City (India) Pvt. Ltd. (IMC) was incorporated on 21/03/2013. It is stated that IMC has received inward remittance of Rs 2,40,00,052.05 from Mr. Alungal Mohammad (NRI) and shares would be allotted to the NRI investor after FIPB approval. The existing shareholding in IMC is entirely held by resident Indians. Post FIPB approval, 17.379% of the total share capital in M/s Insight Media City (India) Pvt. Ltd. will be held by Mr. Alungal Mohammad (NRI) and the rest 82.621% by resident Indians.




IT / Broadcasting

4
Ms. Maham Nayyar and Miss Sahar Nayyer, Pakistan
Ms. Maham Nayyar and Ms. Sahar Nayyar, Pakistani citizen, has sought FIPB approval to import finished carpets from Dubai and other countries and trade it in India

Misc - Trading


5
M/s ASV Europa Security Private Limited, Secunderabad
M/s ASV Europa Security Private Limited, Secunderabad seeking permission for receiving 49% foreign investment in Security Services and Man Power recruitment & training services by way of transfer of shares from its current Indian Shareholder. 

Misc - Trading
6
M/s Beloor Bayir Biotech Limited, Bangalore
M/s Beloor Bayir Biotech Limited Bangalore, with 22.55% foreign investment (on a fully diluted basis) by M/s India Agri Business Fund Ltd. Mauritius proposes to acquire, by way of merger, the entire share capital of M/s Bayir Chemicals India Private Limited, Bangalore and M/s Sneha Nutura India Private Limited, both companies being engaged in pharmaceuticals sector.
Pharma
7
M/s Agappe Diagnostics Limited (ADL)
M/s Agappe Diagnostics Limited (ADL) seeking approval for acquisition of 20.24 percent of its fully paid-up equity shares of ADL by M/s Sycamore Holdings Limited, Mauritius.
Pharma
8
M/s Novalead Pharma Private Limited, Pune
M/s NovaLead Pharma Private Limited, Pune has sought permission for (a) the sale of a part of an existing shareholder M/s Kotak India Growth Fund share in the company to (another existing shareholder) M/s Boxmoor (Mauritius) Ltd., and (b) to allot additional equity shares to Boxmoor.
Pharma
9
M/s Koye Pharmaceuticals Private Limited
M/s Koye Pharmaceuticals Private Limited, a brownfield Pharmaceuticals company, has sought permission to issue additional 6,060 CCPS, constituting up to 25.97% of the share capital of the company on a post-issuance and fully diluted basis to a new foreign investor. Post the issue of ESOP shares, the new foreign investor will hold 25% of the paid up capital on a fully diluted basis.
Misc - Trading
10
M/s Airworks India Engineering Pvt. Ltd.
M/s Air Works India (Engineering) Private Limited is seeking approval for increasing foreign investment resulting in increase of Indirect FDI in its WoS engaged in Aircraft Management Services and Air Charter Services as “Non Scheduled Operators Permit.
Civil Aviation
11
M/s Ostro Energy Private Limited, Delhi
M/s Ostro Energy Private Limited, New Delhi has sought permission as a core investment company for investment of USD 230 million (approximately INR 1400 crores) over the next 4-5 years in wind energy assets in India via downstream investment.
Investing Company
12
M/s Monsoon Capital LLC, USA
M/s Monsoon Capital LLC has sought permission for making investments directly or indirectly in Monsoon Alternative Investment Trust in the form of FDI.
Misc - Alternative Investment Fund (AIF)

   The following three (03) proposals were approved under the automatic route:

Sl. No.
Name of the applicant
Gist of the proposal
Sector
Proposed FDI (in ` crore)



1

M/s Aequs Private Ltd. (formerly known as M/s Quest Global Manufacturing Pvt. Ltd.)
M/s Aequs Private Limited (formerly known as QuEST Global Manufacturing Private Limited), engaged in Defence sector activities with 17.29% FDI, is seeking approval for increasing FDI up to 40% in its capital.


Defence


       40.00



   2


M/s Halyard Health Inc., USA
Approval has been sought by M/s Halyard Health, Inc, USA, WoS of Kimberley Clark group to set up a new company in India to be engaged in import and sale of healthcare products on “Wholesale business” and transfer of some assets from one WoS to the new company.


Health


Upto `25.00
Crore


3

M/s Euronet Services Pvt. Ltd.
M/s Euronet Services India Pvt. Ltd, Bangalore, having 100% foreign investment, has sought approval to set up, own and operate payment system and issue Prepaid Instrument in India.


Financial Services


Nil

 The following one (1) proposal has been withdrawn by the applicant:

Sl. No.
Name of the applicant
1.
M/s Pureplay Investment Partners, Mauritius

The following four (4) proposals have been rejected.

Sl. No.
Name of the applicant
Gist of the proposal
Sector
                     

1

M/s Metalsa India Pvt. Ltd., New Delhi
M/s Metalsa Issue of equity shares to non-resident shareholders against capitalization of import of capital Goods/ Machinery.

Misc - Manufacturing


2


M/s GMU Infosoft Pvt. Ltd.
The company proposes to issue 2750 equity shares (1.52% equity) of Rs.10/each, to Mr. Ramneet Singh Rekhi, USA, NRI and 2750 equity shares (1.52% equity) of Rs.10/each to Mr.Sartaj Singh Rekhi, USA, NRI.


Misc


3


M/s U Infosoft Pvt. Ltd.
The company proposes to issue 2750 equity shares (1.52% equity) of Rs.10/each, to Mr. Ramneet Singh Rekhi, USA, NRI and 2750 equity shares (1.52% equity) of Rs.10/each to Mr.Sartaj Singh Rekhi, USA, NRI.


Misc



4


M/s Cerner Healthcare Solutions Pvt Ltd, Bangalore
M/s Cerner Healthcare Solution Private Limited, Bangalore, is seeking approval for investment in proposed Limited Liability Partnership (LLP) in the field of software development and information technology enabled securities in the field of healthcare and other allied fields. 


    LLP


            The following one (1) proposal has been recommended for consideration of the CCEA, as the investment involved in the proposals is above Rs.1200.00 crore:

Sl. No.
Name of the applicant
Gist of the proposal
Sector
1
M/s HDFC Bank   Limited, Mumbai
Approval has been sought by M/s HDFC Bank Limited for the issuance of equity shares aggregating to an amount of Rs.10,000 crore to NRIs/FIIs/FPIs subject to the aggregate foreign shareholding not exceeding 74% of the post issue paid up capital.
Financial Services / Banking Private Sector

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New Draft of Twelve Income Computation and Disclosure Standards (ICDS) has been Uploaded on the Finance Ministry and Income-Tax Department Website for Seeking Comments from Stakeholders and General Public by 8th February, 2015



            Sub- section (1) of Section 145 of the Income-tax Act, 1961 (‘the Act’) provides that the income chargeable under the head “Profits and gain of business or profession” or “Income from other sources” shall [subject to the provisions of sub-section (2)] be computed in accordance with either cash or mercantile system of accounting regularly employed by the assessee. Sub-section (2) of Section 145 provides that the Central Government may notify Income Computation and Disclosure Standards (ICDS) for any class of asssessees or for any class of income.

            The Central Board of Direct Taxes (CBDT) had constituted a Committee comprising departmental officers and professionals in December, 2010 to inter alia suggest standards for the purposes of notification under Section 145(2) of the Act. The Committee submitted its first Interim Report in August 2011. The Committee submitted its Final Report along with the Draft of Standards in August, 2012 which was placed in public domain for comments.

            On the basis of the suggestions received from the stakeholders and examination of the same by the CBDT, the draft standards submitted by the Committee have been revised.

            The new draft of 12 Income Computation and Disclosure Standards(ICDS) has been uploaded on the Finance Ministry website (www.finmin.nic.in) and Income-tax Department website(www.incometaxindia.gov.in) for comments from stakeholders and general public. The comments and suggestions on the draft ICDS may be submitted by 8th February, 2015 at the email address (dirtpl3@nic.in or rkbhoot@gmail.com) or by post at the following address with “Comments on draft ICDS” written on the envelope:


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Health Ministry organises Voluntary Blood Donation Camp

Health Secretary: Urge people to donate blood to save lives



Shri Lov Verma, Secretary (Health &Family Welfare) urged people to come forward to donate blood. One person donating blood can save many lives, he stated. The Health Secretary was speaking at the voluntary blood camp organised by the Ministry of Health & Family Welfare, here today.

The Health Secretary himself donated blood at the camp today. He informed that more than 550 people donated about 378 units of blood at the Blood Camp today. While every drop counts, we still need to go a long way to fill the existing gap, he said. As against the requirement of 1.30 crore units of blood, the present collection provides 90 lakh units, he added. He met a group of thalassemic children who were present at the camp. Total of one lakh thalassemia patients are registered in the country who require a regular supply of blood. The Health Secretary stated that the Ministry plans to organise a blood camp every three months to encourage people to donate blood. He informed that the National Health Mission is initiating a thalassemia and sickle cell programme, and blood banks are being strengthened under this programme to provide the required supply of blood to the patients.

Sh C K Mishra, Addl. Secretary and MD, National Health Mission (NHM) who also donated blood at the camp stated that donating blood does not lead to weakness but is on the contrary advised by doctors to stay healthy.

Several officers and staff of the Ministries located at Nirman Bhawan took part in the Blood Camp organised by the Ministry of Health & Family Welfare.


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Existing PIO Card Holders deemed to be OCI Card Holders from today 

The Persons of Indian Origin (PIO) Card notification has been withdrawn with immediate effect and further it has been notified that all existing PIO Card holders will be deemed to be Overseas Citizens of India (OCI) Card holders. Now only one OCI Card with enhanced benefits is in existence. 

The Prime Minister Shri Narendra Modi had announced in USA and Australia during his recent visits that the PIO and OCI cards will be merged and the Indian Diaspora will be given maximum possible benefits. Keeping in view of the promise, an Ordinance was promulgated on January 6, 2015 whereby the eligibility and additional benefits of PIO Card have been incorporated in OCI Card and certain other relaxation to OCI Card holders have been given by amending the Citizenship Act, 1955. 

There used to exist simultaneously the PIO and OCI Cards, leading to a lot of confusion prevailing among the PIOs residing abroad. Today’s notification is going to fulfil long cherished demand of Indian Diaspora abroad. 

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Press Communique Related to Appointment as Additional Judges of the Gauhati High Court 

In exercise of the powers conferred by clause (1) of article 224 of the Constitution of India, the President is pleased to appoint (i) Shri Manojit Bhuyan, (ii) Shri Michael Zothankhuma, (iii) Shri Suman Shyam, (iv) Shri Paran Kumar Phukan, and (v) Smt. Rumi Kumari Phukan, to be Additional Judges of the Gauhati High Court, in that order of seniority, for a period of two years with effect from the date they assume charge of their respective offices. 

Department of Justice, Ministry of Law & Justice, Government of India
New Delhi, January 09, 2015

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Press Communique Related to Appointment as Judges of the Rajasthan High Court 

In exercise of the powers conferred by clause (1) of article 217 of the Constitution of India, the President is pleased to appoint (i) Shri Justice Jainendra Kumar Ranka, (ii) Shri Justice Pratap Krishna Lohra, (iii) Shri Justice Veerendra Singh Siradhana, (iv) Shri Justice Vijay Bishnoi, (v) Shri Justice Arun Bhansali, (vi) Shri Justice Atul Kumar Jain, (vii) Shri Justice Mahendra Kumar Maheshwari, (viii) Shri Justice Vishnu Kumar Mathur; and (ix) Shri Justice Banwari Lal Sharma, Additional Judges of Rajasthan High Court, to be Judges of the Rajasthan High Court , in that order of seniority, with effect from the date they assume charge of their respective offices. 

Department of Justice, Ministry of Law & Justice, Government of India
New Delhi, January 09, 2015

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Government Approves Twelve (12) Proposals of Foreign Direct Investment (FDI) Amounting to Approximately Rs.1827.24 Crore Government Approves Twelve (12) Proposals of Foreign Direct Investment (FDI) Amounting to Approximately Rs.1827.24 Crore Reviewed by Ajit Kumar on 12:16 PM Rating: 5

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