Government approves nearly Rs 981 Crores of FDI Proposal; Hathway’s Major Booster – To Increase FDI from existing 49% to 74%

Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its 220th meeting held on 3rd July 2015, Government has approved 07 proposals of Foreign Direct Investment amounting to ₹ 981.15 crore approximately.Details of Proposals considered in the Foreign Investment Promotion Board (FIPB) Meeting held on 03.07.2015
Following 07 (seven) proposals have been approved:

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S. No.
Name of the applicant
Gist of the proposal
Sector
Proposed FDI
(in Rs. )
1.
M/s Celon Laboratories Limited, Hyderabad, Telangana Approval has been sought by

M/s Celon Laboratories Limited, a Brownfield pharma company for downstream investment in another brownfield pharma company.

Pharma
Rs.  16 crore
2.
M/s Keppel Puravankara  Development Private Limited, Bangalore Approval has been sought by M/s Keppel Puravankara Development
Private Limited for redemption of preference shares issued to the
foreign investor upon the expiry of minimum lock-in period of 3 years.
Real Estate
Nil
3.
M/s Lalea Trading Ltd., Cyprus Application for obtaining approval for repatriation in terms of clause 6.2.11 of the consolidated FDI policy.
Real Estate
Nil  (Rs.  23,27,48,358.02 – Outflow)
4.
M/s Hathway Cable and Datacom Limited Approval has been sought for increasing foreign investment limit
for FIIs, FPIs, etc. under the Portfolio Investment Scheme from 49% of
its issued and fully paid up share capital to 74%.
Telecom & Broadcasting
Rs.  963 crore
5.
M/s Cheetah Communications Private Limited, New Delhi

M/s Cheetah Communications Private Limited, a newly incorporated
company, is seeking approval to (i) engage in the internet and telecom
related services and (ii) to increase foreign equity participation upto
100% by way of fresh issue of shares and transfer of shares from
existing resident shareholders.
Telecom
Rs.  2.15 Crore
6.
M/s Destimoney Enterprises Limited
Destimoney Enterprises Limited has sought approval for conversion
of from an operating cum investing company to a holding or Investing
company.
Investing Company
Nil
7.
M/s Kotak Mahindra Bank Limited, Mumbai Gist of the Proposal: Approval has been sought for increasing the
aggregate foreign investment in M/s Kotak Mahindra Bank Limited to 55%
pursuant to a merger between ING Vyasa and Kotak
Banking
Nil

The following 06 (six) proposals have been deferred:

S. No.
Name of the applicant
Gist of the proposal
Sector
1.
M/s DEN Networks Limited
Approval has been sought for increase in
foreign investment limit in Den Networks Limited beyond 49% and upto
74% by FIIs, NRIs, FPIs, and other eligible foreign investors through
route of Secondary Market/Open Market purchase.
Telecom & Broadcasting
2.
M/s Reliance Globalcom Ltd., Bermuda
Approval has been sought by M/s Reliance
Globalcom Ltd. (RGL) to purchase M/s GCX India Ltd. (GCX India), an
Indian owned and controlled company.
Telecom
3.
M/s O-zone Networks Private Limited, Delhi
M/s O-zone Networks Private Limited
Delhi, engaged in telecom sector and with 33.33% existing FDI from M/s
AL Telecom Holdings (India) Limited, Cyprus, seeks approval for upto
100% foreign investment by M/s Ozone BV, Netherlands by way of purchase
of the equity share capital existing foreign and domestic shareholders.
ISP
4.
M/s Chorus Call Conferencing Services India Private Limited
Approval has been sought by M/s Chorus
Call INC, USA for increase in the foreign equity from 74% to 100% in M/s
Chorus Call Conferencing Services India Private Limited engaged in
providing services like transmission of voice, video and data.
Telecom
5.
M/s Sistema Shyam TelServices Limited.
Increases in FDI upto 100% in M/s
Sistema Shyam TeleServices Limited and its downstream WoS M/s Shyam
Internet Services Limited, both engaged in telecom sector, on account of
conversion of Redeemable Preference Shares into equity.
Telecom
6.
M/s Indian Rotorcraft Limited, Mumbai
M/s Indian Rotorcraft Limited, Mumbai (Investee Company) has sought approval for
(i) to incorporate the helicopter model as AW 119Kx in place of AW 119Ke.
(ii) to undertake final assembly of
AgustaWestland’s helicopters for export to global customers or offered
to Indian Civil market only and
(iii) to change the foreign investor
from M/s AgustaWestland N.V., The Netherlands to M/s AgustaWestland
S.p.A, Italy as M/s AgustaWestland N.V., The Netherlands merged into M/s
AgustaWestland S.p.A, Italy,  pursuant to an internal re-organization
through merger within the AgustaWestland group w.e.f January 01, 2014.
Defence

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