Government clears 23 FDI proposals worth Rs565 crore
09 Jun 2009
The finance ministry today approved 23 proposals for foreign direct investment (FDI) in the country worth Rs565 crore, including a Rs180 crore investment proposal by Damas LLC to set up a joint venture company with 51 per cent equity participation to undertake the business of single brand retail trading.
Among other FDI proposals, the finance ministry approved Lazard India Mauritius' proposal to invest Rs125 crore in units of a fund. Mauritius-based HP India Holdings' proposal to set up a JV company to build and operate hotels in various Indian cities was also cleared.
The finance ministry, on the recommendations of the Foreign Investment Promotion Board, also approved a plan by French foods major Groupe Danone SA to set up a new foods and beverages company in India for making biscuits, cereals, dairy products, baby foods and nutritional products.
Kolkata-based Greenply Industries' proposal to issue and allot warrants convertible into equity shares also got the go-ahead as did Era Infra Engineering's plan for issue of warrants to be converted into equity shares.
Other proposals cleared included ShinMaywa Industries (Japan) proposal to subscribe to the equity shares of an existing Indian company to carry out the activity relating to automobiles; FIMBank plc (Malta) - to set up a NBFC; Asian Hospitals & Health Care Pvt. Ltd. (Mumbai) - transferring shares by way of share swap; Travelocity.com Pvt. Ltd. (Mumbai) - ex-post facto approval for issue of equity shares against payments made for pre incorporation expenses; Media Transasia India Ltd (New Delhi) - to set up a JV company to carry out the publishing of periodical books, journals etc; Aavishkaar India Micro Venture Capital Fund - to issue units as a part of FDI scheme; Geissel Jakap Pvt Ltd - conversion of liability against imported machinery into equity; HAL Edgewood Technologies Pvt Ltd - reimbursement of the approved technical know-how fee from one foreign investor to another foreign investor; Matrix Laboratories - amending the FC approval; Si2 Microsystems - transfer of shares by way of share swap; Bay-Forge Ltd - increase the FDI participation up to 100 per cent by issuing partly paid-up equity shares; Sanlam Investment Management (Pty) Ltd (South Africa) - issue of warrants and conversion of operating company into an operating-cum-holding company to make further downstream investment, including commodity broking; Information Tech Park's (Bangalore) proposal for buy-back of built-up space constructed by the company itself under the Industrial Park Policy and leasing out the same to clients; ADM Interoceanic Ltd (Mauritius) - to acquire the entire shareholding and control of a new company to be set up in India to engage in procurement, storage, warehousing, transportation, processing, wholesale/cash-and-carry trading and dealing with agricultural products and commodities; The Financial Times (India) Pvt. Ltd. (New Delhi) - to induct foreign equity up to 100 per cent by way of transfer of existing equity shares from the resident shareholders to fresh equity shares; and Hind Terminals Pvt Ltd - to make downstream investment through internal accruals.
