18th November, 2003
Ministry of Finance  


23 FDI PROPOSALS CLEARED


The Union Finance Minister, Sh. Jaswant Singh has approved 23 proposals recommended by the Foreign Investment Promotion Board (FIPB) in its meeting held on November 10, 2003. The approvals amount to Rs. 40.755 crore. The major investment proposals pertain to the sectors of Food Processing Industries, manufacture of engineering components, wholesale trading of hi-tech mail and document management systems etc., and Software Development.

The details of proposals cleared are as follows:

S.No.

Name & Address of the existing/proposed foreign company

Name & Address of the Indian company, if already incorporated

Activity

Location

Particulars of the proposal

Amount of FDI/NRI/OCB Investment

(Rs. In crore)

1

M/s. Glentec International, Mauritius

M/s. Biocom India Ltd

20th KM Hosur Road

Electronic City P.O.

Bangalore-560- 100

Manufacture of chemicals and chemicals products in the field of biotechnology

Bangalore, Karnataka

Transfer of shares from resident to non-resident

0.008

2

M/s. VNU International BV, Netherlands

M/s. ORG-IMS Research Pvt. Ltd.

ICC Chambers,

2nd Floor, Opp. Santogen Mills,

Saki Vihar Road, Powai

Mumbai-72

Engage in the business of conducting marketing and media research, including pharmaceutical industry market research

Mumbai

Transfer of shares from resident to non-resident

0.01

3

M/s. Betz International Inc.

M/s. Betz Laboratories Inc.

508, Prudential Road

Horsham,

Pennsylvania,

USA 19044

M/s. GE Betz India Pvt. Ltd

5th Floor, Vayudooth Chambers

15/16, Mahatma Gandhi Road

Bangalore

Engage in the trading activities

Bangalore, Karnataka

Permission for trading

No inflow

4

M/s. Bossard AG Schrauben,

Steinhauserstrasse 70

Postfach, CH – 6305, Zug

Switzerland

M/s. LPS Bossard Pvt. Ltd

Opp. Northern By-Pass

Hissar Road

Rohtak – 124 001

Wholesale trade in cash and carry system of Fasteners and C-Parts

Not indicated

Cash & Carry wholesale trading in Fasteners and C-Parts

No inflow

5

M/s. Walter AG

Walter Aktiengesellsc

Haft, Derendinger STR,53

Tubingen,Germany

M/s. Walter India Tools & Machines Pvt Ltd

Mumbai-Pune Road

Dapodi, Pune-411012

Procuring hi-tech walter range of cutting tools, machines and tool data management software and distributing the same in India

Mumbai-Pune Road, Pune

Transfer of subscriber shares from resident to non-resident

0.01

6

  1. Interworld Enterprises (Mauritius) Ltd.,
  2. C/o abacus Financial Services (Mauritius) Ltd., TM Building, Pope Hennessy Street, Port Louis.

  3. G.S. Securities Ltd. C/o Price Waterhouse Coopers, 3rd Floor, TM Building, Pope Hennessy Street,

Port Louis.

M/s. Varalakshmi International Ltd.,

31-A, Jawaharlal Nehru Salai, Ekkattuthangal,

Chennai.

Import & Export activities

Chennai

Conversion of non-repatriable shares into repatriable

No inflow

7

M/s. Ashco Enterprises Incorporated,

12425, Canal Bank Road, Garland, Utah 84312.

M/s. Agreen Hashco Pvt. Ltd.,

2nd Floor, Abna Complex, Pallikkunnu, Kannur – 670 004.

Setting up of integrated Pineapple Processing Factory to manufacture pineapple slices, juices, tidbits, chunks & crushes.

Kannur, Kerala.

Induction of 26% foreign equity

1.04

8

M/s. Stanley Electric Co. Ltd., Japan.

M/s. Thai Stanley Electric Public Co. Ltd.,

Tahuiland.

M/s. Lumax Industries Ltd.,

2nd Floor Harbans Bhawan-II, Nangal Raya Business Centre,

New Delhi – 110046.

Manufacture, marketing, selling and distribution of Auto Lamps, Air/ Oil Cleaner and Mirror products for supply to automobile sectors.

New Delhi.

Increase in foreign equity from 17.97% to 19.41%

0.12

9

M/s. MHE Technologies Pte Ltd.,

627A Aljunied Road, #07-02 Biztech Centre,

Singapore

M/s. MHE Electronics (India) Pvt. Ltd.,

Street Plot 36, Developed Plot Estate,

Perungudi, Chennai.

Business of auto insertion & chip mounting of printing circuit Board on Manufacturing/job work basis.

Chennai

Increase in foreign equity from 51% to 100%

0.47 (including premium)

10

Riken Corportaion,

13-5, Kudankita, 1-Chome Chiyoda-ku,

Tokyo – 102.

M/s. Shriram Pitons & Rings Ltd.,

23, K.G. Marg,

New Delhi – 110001.

Manufacture and marketing of pistons, pins, rings and engine valves.

Ghaziabad, U.P.

Increase in foreign equity from 18.50% to 27.3%

4.05 (approx.)

11

M/s. Pitney Bowes ,

World Headqurters,

1 Elmcroft Road,

Stamford, CT 06926-0700.

M/s. Pitney Bowes (USA),

C/o Trilegal, E-514,

Greater Kailash-II,

New Delhi – 110048.

Wholesale trading of hi-tech mail and document management systems, equipment and related after sales and support services

All India

Setting up of 100% subsidiary

23.00

12

Mr. Herman Roy Gomez,

(British National)

P.O. Box 17009, Dubai, U.A.E.

M/s. Three Sixty Lifestyle Pvt. Ltd.,

412, Midas Building, 4th Floor, Sahar Plaza, A.K. Road, Andheri (E), Mumbai-40059.

Cash & carry wholesale trading of high quality, diverse products line of lifestyle footwear, apparels & accessories.

Mumbai.

Induction of foreign equity upto 50%

1.00

13

M/s. Cussons Group Ltd.,

60, Whithworth Street,

Hangshester MI 6LU,

U.K.

M/s. Cussons India Private Limited

45, Soona Mehal, 2nd Floor,

143, Marine Drive

Veer Nariman Road

Bombay-400 020

Toilet soaps, toiletries, talcum powers, shampoos, after shave lotions, deodorants etc.

Greater Mumbai,

Maharashtra.

Extension of time for fulfilling the divestment clause

NO inflow

14

M/s. Healthscribe Inc., USA

M/s. Health Scribe India (P) Ltd.,

One Health Scribe Plaza

Koramangala Block 8,

Bangalore -560095.

Development of computer software

Bangalore.

Acquisition of shares from resident shareholders

10.82(approx.)

15

M/s. Teklogix Inc., Canada.

Teklogix International Inc.

M/s. Teklogix Systems India Pvt. Ltd.,

(Now, M/s. Psion Teklogix Systems India Pvt. Ltd.)

M-74, 1st Floor,

M-Block Market,

Greater Kailash-II,

New Delhi – 110048.

Wholesale trading activities on a cash & carry basis in respect of imported as well as indigenously sourced advanced-technology radio, Computer/ terminal network systems etc.

Delhi.

Cash & Carry wholesale trading

No inflow

16

M/s. Telelogic AB, Sweden, Box 4128,

203 12, Malmo, Sweden.

M/s. Telelogic India Pvt. Ltd. (TIPL),

C/o RSM & Compnay,

C.A., 516/517,

World Trade Cente,

Barakhamba Lane,

New Delhi – 110001.

Software development.

Bangalore

Amendment in the royalty clause

No inflow

17

M/s. Celsiustech Systems AB., S-17588 Jarfalla Nottovagen Jakobsberg,

Sweden.

M/s. Rational Software Corporation (India) Pvt. Ltd., #3K,

Esteem Asrani,

Koramangala Industrial Layout Sarjapur Road,

Bangalore – 560 034.

Software development

Bangalore.

Transfer of shares from the existing foreign collaborator to another foreign collaborator subsequent to global acquisition

No inflow

18

M/s. Aspire Systems Inc., USA

M/s. Aspire Systems(India) Pvt. Ltd.,

New No. 7, II Trust Link Road, Mandavelli,

Chennai.

Software development

Chennai

Share Swap

No inflow

19

M/s. SMT Global Pte. Ltd.,

627A Aljunied Road,

#07-02 Biztech Centre 389842, Singapore.

M/s. MHE Technologies (Pondy) Pvt. Ltd., 37/14-B,

Door No. 69,

Manaveli Road,

Villianure Manaveli, Odiyampet, Arumapathapuram Post, Pondicherry.

Business of manufacture of CTV Main Board Assembly, Monitors & Computer based systems.

Pondicherry.

Induction of foreign equity upto 91.67%

0.11

20

M/s. Non Verba Ltd.

Berkeley Square House,

2nd Floor, Berkeley Square Mayfair, London, U.K.

M/s. Non Verba Information Solutions Pvt. Ltd., Unit No. 1,

6th Floor, Kasi Arcade,

116, Sir Thyagaraya Road, T. Nagar, Chennai – 600 017.

Export of Software.

Chennai.

Transfer of subscriber shares to foreign investor

0.01

21

M/s. Clovis Solutions, Inc. 1318,

Redwood Way,

Suit No. 115, Petaluma, CA, USA

M/s. Clovis Solutions Pvt. Ltd., #6, 1st Floor,

Royal Arcade, Koramangala Industrial Layout, Bangalore

Development and export of software.

Bangalore.

Transfer of subscriber shares to foreign investor and also infusion of additional funds

0.10

22

Mr. Lee Kok Heng,

27, Jalan Bunga Melur-2

Taman Suria Jaya, Cheras 56000, Kuala Lumpur, Malaysia.

M/s. Bima Quarrying Pvt. Ltd.,

Madhucon House,

Plot No. 1129/A,

Road No. 36, Hitec City Road,

Jubilee Hills, Hyderabad.

Business of quarrying & crushing road metal aggregates for supply & construction of road projects.

Hyderabad.

Increase in foreign equity from 10% to 30%

0.007

23

M/s. Pisces Pvt. Ltd., Mauritius.

M/s. J.F. Electra (Mauritius) Ltd.,

M/s. Meghmani Organics Ltd.,

Meghmani House,

Shree Nivas Society,

Paldi, Ahmedabad.

Business of development, manufacture and marketing of pigments & agro chemicals, and their intermediates.

Ahmedabad.

Proposal for offer for sale and initial public offering

Not indicated.