Centre approves four FDI proposals, defers four

The Central Government on Tuesday gave its nod to four proposals regarding prospects of Foreign Direct Investment (FDI), as recommended by the Foreign Investment Promotion Board (FIPB) in its 245th meeting held on April 17.

The four proposals are as follows:

In the pharmaceutical sector, approval was sought by M/s Baxter Pharmaceutical (Asia) Pte. Limited, Singapore for 100 percent FDI in the equity share capital of M/s Claris Injectables Limited by way of purchase of existing equity shares held by M/s Claris Lifesciences Limited and subscription to fresh equity shares of the Investee, for an amount of Rs. 4,020 crore.

In the publishing segment, M/s Panacea Publishing Private Limited, Mumbai, engaged in the activity of publishing and distribution of speciality magazines, sought post-facto approval for the transfer of its shares to its group company M/s Panacea Media Limited, UK (NR to NR transfer), pursuant to its global restructuring.

In the telecom sector, two proposals were approved of M/s Vodafone Mobile Services Limited. Being a foreign owned Indian company, it sought post-facto approval for the scheme of amalgamation among Vodafone Mobile Services Limited, Vodafone Digilink Limited, Vodafone South Limited, Vodafone East Limited and Vodafone Cellular Limited.

Additionally, the company also sought approval for the collaboration of Vodafone Mobile Services Limited, Vodafone Spacetel Ltd and Vodafone West Ltd.

On the contrary, four proposals have been diverted for deferment by the FIPB. In the pharmaceutical sector, M/s bioMerieux India Private Limited (BIPL), a 100 percent foreign owned Indian Company, sought post facto approval for acquisition of 10 percent shareholding in RAS Lifesciences Private Limited (RAS) by BIPL in March 2015; prior approval for increasing BIPL shareholding in RAS from 70 percent to 100 percent, by way of transfer from the resident shareholders and infusion of capital by BIPL in RAS from time to time as per the business requirements of RAS.

In the telecom sector, M/s Bluetown (India) Private Limited, an existing foreign owned company, presently engaged in the activity of system integrator and managed service provider for BSNL and other private companies in India, sought approval to venture into Virtual Network Operator (VNO) [ISP-A] activities and obtain VNO (ISP-A) license for the same.

M/s Huiyuda Technology India Private Limited sought post facto approval for issuance of 7, 86,189 fully paid up equity shares of Rs. 10/- each, to M/s. Shehzhen Huiyuda Electronic Co. Limited, China, against the capital goods imported for an amount of Rs. 78, 61,890/-.

The said capital goods were imported within the month of July 2016 and conversion took place in the month of September 2016.

M/s Ghel Rendev India Private Limited, a newly incorporated company sought approval for investment by Mostaq Ahmmed, a Bangladeshi Citizen, being one of the Directors of the Company and initial subscriber to the share capital of the company. Ahmmed is said to hold 60 percent equity shares of the company while the remaining 40 percent shares will be held by an Indian resident V. Thirumavalavan.

Currently, the shares of the company are owned by Jean Marc Surcin (38 percent), a resident of France and Thirumavalavan (62 percent).