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8 FDI Proposals Approved Amounting To Rs. 1311 Crore

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Foreign Investment Promotion Board (FIPB), the body that approves Foreign Direct Investment proposals have approved 8 applications amounting to a total of Rs. 1311.54 crore. The decision was taken during the June 14th meeting.

While 8 proposals were approved, 10 of the FDI proposals were differed and 6 proposals were rejected. Also, 2 proposals were advised to access the automatic FDI route and 1 proposal was withdrawn from the agenda.

Proposals approved-001

The biggest application was from Norway based Telenor Mobile Communication AS, parent company of Indian telecom operator Uninor, amounting to Rs. 1000 crore. Another big proposal worth Rs. 280 crore from Mahle Holding India Pvt. Ltd. was also approved by FIPB.

Proposal from leading Indian aviation company Jet Airways to offer preferential allotment of 24% of equity shares to a foreign airline was differed and not approved in this meeting.

Another notable proposal that was differed was from Scripbox.com India Pvt. Ltd.. The company based in Bangalore wanted to bring in foreign investment in their online mutual fund business.

8 FDI Proposals that were approved

Sl. No.

Name of the applicant

Particulars of the proposal

FDI/NRI inflows

(Rs. in crore)

1

M/s Euronet Services India Pvt. Ltd.

Company having FDI to set up White Label ATMs.

Nil

2

M/s Shaastra Securities Trading Pvt. Ltd., Gurgaon

To make downstream investment in the proposed Wholly Owned Subsidiary to undertake the activity of Commodity broking & trading in the commodity exchanges.

2.87

3

M/s Srei Infrastructure Finance Limited,Kolkata

To undertake an additional activity of setting up White Label ATMs (WLAs) in India.

No Fresh Inflow

4

M/s Mahle Holding India Pvt. Ltd.

Investing company having 100% FDI proposes to bring in more investment.

280.00

5

M/s Aveva Solutions Limited, UK

To set up a LLP to provide software development and IT enabled services.

8.39

6

M/s Flemingo Duty Free Shop Pvt. Ltd.

To operate Electronic Duty Free Shop at International Arrival and Departure Terminal at Cochin International Airport and also a Duty Free Shop at APM terminal at Pipavav Port.

Nil

7

Md. Rabiul Alam, Bangladesh

To set up a new company in India with 100 percent FDI to carry out the business of production of engineering products.

20.28

8

M/s Telenor Mobile Communication AS, Norway

To set up a JV company in telecom sector.

1000.00

10 FDI proposals that were deferred

Sl. No

Name of the applicant

Particulars of the proposal

1

M/s Indostar Capital Finance Pvt. Ltd., Mumbai

A Systemically Important Non-Deposit Taking Non-Banking Financial Company to set up a subsidiary company and sponsor a debt fund under SEBI (AIF) Regulations.

2

M/s Muthoot Finance Limited, Kerala

Company having FDI to set up White Label ATMs.

3

M/s Scripbox.com India Pvt. Ltd., Bangalore

Indian company acting as facilitator of investments into mutual funds (other financial Services not mentioned in the FDI policy) proposes to receive foreign investment.

4

M/s AU Housing Finance Limited, Jaipur

To increase direct and indirect foreign investment up to 95%, without meeting the minimum capitalization norm of USD 50 million. The company is engaged in the business of providing housing loans, primarily in the un-served,unreached and under-served market mainly in low income states of India.

5

M/s Soma Tollways Pvt. Ltd.

Post facto approval for increase in foreign equity in the investing company.

6

M/s Conrad Horler, Karnataka

A Foreign citizen (NR) proposes to set up a multimedia LLP.

7

Mr.Ramneek Singh, Amritsar

To set up an LLP with foreign equity to undertake agri-export business.

8

M/s Octania Aerostructure Group Pvt. Ltd., New Delhi

To issue equity shares in lieu of technology transfer/know how.

9

M/s Jaguar-Max Security Solutions Pvt. Ltd., New Delhi

Induction of foreign investment upto 49% in an Indian company engaged in Private Security Services.

10

M/s Jet Airways India Ltd.

An Indian Air Transport Service sector company to make a preferential allotment of 24% of equity shares to a foreign airline. The foreign airline proposes to subsequently transfer the same to its WoS.

Here is the official press release announcing the same

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