4 FDI proposals approved, 4 deferred

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FDI

New Delhi: Based on the recommendations of the Foreign Investment Promotion Board (FIPB) in its 245th meeting held on 17 April, the Union government has approved 4 foreign direct investment (FDI) proposals.

Baxter Pharmaceutical (Asia) Pte Limited, Singapore, had sought 100% FDI in the equity share capital of Claris Injectables Limited by way of (i) purchase of the existing equity shares held by Claris Lifesciences Limited and (ii) subscription to fresh equity shares of the investee. The proposal has been approved.

Panacea Publishing Private Limited, Mumbai, engaged in the activity of publishing and distribution of speciality magazines, had sought a post facto approval for the transfer of shares from Panacea Publishing International Limited of the United Kingdom to its group company Panacea Media Limited, UK (NR to NR transfer), pursuant to its global restructuring. It has been sanctioned.

Vodafone Mobile Services Limited, a 100% foreign-owned Indian company, had sought a 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. This proposal stands approved, too.

The same company has been given a post facto approval for the scheme of amalgamation among Vodafone Mobile Services Limited, Vodafone Spacetel Ltd and Vodafone West Ltd.

The following 4 FDI proposals have been recommended for deferment. BioMerieux India Private Limited (BIPL), a 100% foreign-owned Indian company, does not, as of now, have the post facto approval for acquisition of 10% shareholding in RAS Lifesciences Private Limited (RAS) by BIPL in March 2015 (ii) prior approval for increasing BIPL shareholding in RAS from 70% to 100%, by way of transfer from the resident shareholders  and (iii) infusion of capital by BIPL in RAS (upon becoming WOS of BIPL) from time to time as per the business requirements of RAS.

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, has not yet got the approval to venture into Virtual Network Operator (VNO) [ISP-A] activities and obtain VNO (ISP-A) license for the same.

Huiyuda Technology India Private Limited did not get the post facto approval for issuance of 7, 86,189 fully paid up equity shares of Rs. 10 each to 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 took place in the month of September 2016.

Finally, Ghel Rendev India Private Limited, a newly incorporated company, hasn’t got the approval for investment by Mostaq Ahmmed, a Bangladeshi citizen, as one of the directors of the company and initial subscriber to the share capital of the company. As per the MoA, the foreign investor will hold 60% equity shares of the company and the remaining 40% shares will be held by resident Indian V Thirumavalavan. Currently, the shares of the company are owned by Jean Marc Surcin, a resident of France, and V Thirumavalavan in the ratio of 38% and 62% respectively.

The overall foreign direct investment scenario in India

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