28th October, 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 October 17, 2003. The approvals amount to Rs. 492.00 crore. The major investment proposals pertain to the sectors of Chemicals & petro-chemicals, Mines, Petroleum & Natural gas, Information & Broadcasting and Cash and carry whole sale trading.

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 Investment

(Rs. In crore)

1

M/s. Boehringer Ingelheim

Binger Strasse 173

55216 Ingelheim am Rhein, Germany

100% WOS

Manufacture of Drugs, medicines and allied products

To be determined later

To set up wholly owned subsidiary

2.5

2

M/s. Altana Pharma AG

Byk-Gulden-Str 2

78467 Konstanz

Deutschland, Germany

BYK Vermogensverwaltung GmbH Postfach 10 03 10

78403 Konstanz,

Konto 047050000, Germany

M/s. Altana Pharma Private Limited

14-F, Shivam House,

Connaught Place

New Delhi -1

To establish a world class pharmaceutical research and development facility initially dedicated to synthesizing of new compounds, carrying out initial development processes and other related work.

Mumbai

To set up a wholly owned subsidiary by way of transfer of shares from existing resident shareholders to foreign investors and by fresh issue of shares to the foreign investor

1.00

3

M/s. Snap-on Global Holdings Inc

10801 Corporate Drive

Pleasant Prairie WI 53158

USA

M/s. Snap-on Incorporated

2801-80th Street,

Kenosha, WI 53140 – 1410, USA

100% WOS

Bulk imports with ex-port/ex-bonded warehouse sales, cash & carry wholesale trading

New Delhi

To set up wholly owned subsidiary

4.70

4

M/s. Denso Corporation, Japan

M/s. Denso Haryana

Pvt. Ltd

Plot No. 3, Sector-3

IMT, Manesar,

Gurgaon -122 050

Manufacture, and supply of components and parts for various car models

Gurgaon, Haryana

To remit royalty to Denso Japan on the sales of car models being manufactured by Hindustan Motors

No inflow

5

M/s. Schunk Spann-und- Greiftechnik

Bahnhofstrabe 106-134

D-74348, Lauffen/ Neckar, Germany

M/s. Schunk Clamping and Automation Systems Private Ltd.

S-817, Manipal Center,

47, Dickenson Road

Bangalore-4

Manufacture, application, support, mktg. and trading of machine tools accessories and automation industry etc.

Bangalore

Foreign equity participation to the extent of 100%

1.00

6

Mr. Lalit Bakshi, Japan

M/s. Talguard Systems Ltd

141, Sunder Nagar, New Delhi

Trading

Delhi

Transfer of shares from resident to NRI

0.4642

7

M/s. Faber SpA

60044 Fabriano (An).

Italy

Viale XIII

Luglio, 160

M/s. Nardi Elettrodomestici Spa

M/s. Faber Heatkraft Industries Ltd

37/1, Kondhwa Pisoli Road, Pisoli, Pune-28

Undertaking import of new models of electrical chimneys and gas cookers and marketing and after sales services and maintenance and subsequent manufacturing

Pune, Maharashtra

Increase in foreign equity from existing 56.83% to 81%

0.41

8

M/s. A-Tex A/S

Rosenholmvej 1-5

DK – 7400, Herning,

Denmark

M/s. A-Tex (India) Pvt. Ltd

C-116, Defence Colony

New Delhi-24

Trading in hi quality labels/ tags/stickers/ trims and other accessories used by the manufacturers of garments, textile and leather products

New Delhi

To set up wholly owned subsidiary

0.10

9

M/s. Synovate (Holdings) Limited

43-45, Portman Square

London WIH 6LY

M/s. Blackstone Market Facts India Pvt. Ltd.

Providing market research and social and public research services

Not given

Transfer of shares from existing foreign investor to another foreign investor

No inflow

10

IKN GmbH, Mittelstrabe 4-5

D-31535, Neustadt, Germany

Mr. Justus Von Wedel,

Gerberhof 5

D-31535, Neustadt, Germany

IKN Engineering (I) Pvt Ltd

3D, Ramaniyam Citadel

No. 1 Panchaliamman Koil Street,

P.H. Road Arumbakkam, Chennai

To carry on the business of designing, manufacturing, assembling, installing, commissioning, maintaining, repairing, marketing, distributing, buying, selling, importing, exporting and otherwise dealing in clinker coolers and accessories etc.

Chennai

Transfer of shares from existing resident shareholders to foreign investor

0.01

11

M/s. Point International Inc.

P.O. Box 561596

Miami, FL 33256-1596

USA

Point India Private Ltd

201, Tej Mahan Apartments,

J.B. Nagar,

Andheri(W)

Mumbai-59

To provide consulting, management and IT enabled services

Not indicated

Transfer of shares from resident shareholders to foreign investor

0.01

12

Mr. Srini Nageshwar, USA

M/s. Harita Infoserve Ltd

Jayalakshmi Estate,

24, Haddows Road,

Chennai

Computer Software and IT related services

Chennai

Increase in NRI equity from 3.38% to 4.01% by way of transfer of shares from resident to NRI

0.12

13

M/s. Bose Corporation, The Mountain Framingham, MA 01701, USA

Bose Technology Centre Private Limited

205-208, Level 2

Wing 1, Block D

Cyber Gateway, HITEC City,

Hyderabad

Development of computer software

Hyderabad

Transfer of one equity share from resident to non-resident

Negligible

14

M/s. Research Machines plc

New Mill House,

183 Milton Park

Abingdon, Oxon, UK

RM Education Solutions India Pvt. Ltd

B-5, Gayatri Building,

Technopark Campus, Trivandrum

Software development and support services

Trivandrum

Transfer of shares from resident shareholders to foreign investor

0.01

15

De Beers Consolidated Mines Ltd

44, Main Street,

Johannesburg 2001

P.O. Box No. 51221

Marshalltown 2107

De Beers India Private Limited

83 Maker Chambers VI

Nariman Point

Mumbai-21

Exploration, prospecting, mining and service activities

Not indicated

To streamline the Indian operations and to merge all the exploration, prospecting and in due course its mining activities into De Beers India Pvt Ltd

No fresh inflow

16

Mines Management Ltd

608, St. James Court

St. Dennis Street,

Port Louis, Mauritius

Mines Management (India) Pvt. Ltd

A-4, II Floor, Friends Colony (East), New Delhi-65

Business of Mining

New Delhi

Increase in foreign equity from existing 73.917% to 100%

2.41

17

Initial Public offering to non-residents including FII’s, NRIs, foreign nationals

Indraprastha Gas Limited

Jeevan Bharti Building

Tower II,

10th Floor,

Connaught Circus

New Delhi

Distribution and sale of compressed natural gas to the transport sector and piped natural gas to domestic and commercial customers

New Delhi

To permit non-residents (including NRIs, FIIs, Foreign Nationals, Foreign Companies) to effect a secondary transfer of equity shares upto a maximum of 4,00,00,000 shares i.e., 28.57% of the issued and paid up equity share capital

Amount of foreign investment not indicated

18

M/s. Shell Gas B.V and Petroleum Assurantie Maatschappij B.V. wholly owned members of the Royal Dutch/Shell Group of Companies

Shell India Private Ltd

S-3, International Trade Tower

Nehru Place

New Delhi

Marketing transportation fuels

Not indicated

To set up wholly owned subsidiary for marketing of transportation fuels

460.00

19

Oakwell Engineering Ltd

No. 8, alijunied Avenue

3, Oakwell Building

Singapore – 388 933

M/s. Konaseema EPS Oak Well Power Ltd

A-302, Rishi Apartments

Alakananda, New Delhi

To build, own and operate two barge mounted power plants

Hyderbad

Extension of validity of FC approval

No inflow

20

Tekelec

26580 West Agoura Road

Calabasas, California

91302, USA

100% WOS

Promoting telecommunication network products and providing consultancy, advisory and after-sales support services etc.

Not indicated

To set up wholly owned subsidiary

0.10

21

Shri S.M. Puri, USA

M/s. Brookside Resorts (P) Ltd

237, Mandakani, Alaaknanda,

New Delhi

Hotel Industry

Pune, Maharashtra

Enhancement of NRI equity from 85% to 96%

0.40

22

M/s. Alexandra Fund Management Pte Ltd

60B Orchard Road

#06-18, Tower 2

Singapore 238891

M/s. Standard Chartered Private Equity Ltd

Standard Chartered Bank Building,

4-4 A Des Voeux Road

Central, Hong Kong

M/s.Merlion India Corporate Services Private Ltd

C-42B, Vyomesh Building,

SVP Road

Vorivali (West)

Mumbai

Conduct industry research and act as advisors and furnish the industry and market feedback to Indian and overseas clients engaged in investment activities

Mumbai

Foreign equity participation to the extent of 50%

2.40

23

M/s. Star News Broadcasting Limited

P.O. Box 957, Offshore Incorporations Centre,

Road Town, Tortola, British Virgin Islands

M/s. Media Content & Communications Services (India) Pvt Ltd

Star News Centre

Off. Dr. E. Moses Road

Mahalaxmi, Mumbai

Broadcasting of news and current affairs television channel

Mumbai

STAR News Broadcasting Ltd proposes to invest in upto 26% of the equity share capital of MCCS by way of subscribing to fresh issue of shares

16.25