OREANDA-NEWS. July 16, 2015. Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its 219th meeting held on 15th June 2015, Government has approved 10 proposals of Foreign Direct Investment amounting to Rs. 1675.15 crore approximately. 

Details of Proposals considered in the Foreign Investment Promotion Board (FIPB) Meeting held on 15.06.2015 are as under:

Following 10 (ten) proposals have been approved by the Government:

M/s Shantha Biotechnics Limited.

Shantha Biotechnics Limited, an existing Pharma company is seeking FIPB approval for removal of the compounding levied in the approval letter dated 25.04.2012

M/s Sparsha Pharma International Pvt. Ltd.

Post facto approval has been sought by M/s Sparsha Pharma International Pvt. Ltd. for fresh issue and allotment of shares to foreign registered trust towards the receipt of share application money.

M/s Sudeep Pharma Private Limited, Gujarat

Approval has been sought by a Brownfield pharmaceutical company for transfer from existing shareholders and fresh issue of shares to a foreign company resulting in 50% FDI in the company.

M/s Mercury Pharma

Approval has been sought by M/s Mercury Pharma group Limited (formerly known as Goldshield Group ltd) for exiting the real estate business by selling out shares to another Indian shareholder at agreed value.

M/s Nickelodeon Asia Holdings Pte. Ltd., Singapore

Approval has been sought by M/s Nickelodeon Asia Holdings Pte. Ltd. (Nick Asia), a company incorporated in Singapore, to acquire 50% (fifty percent) equity interest in M/s Prism TV Private Limited (Prism), a company incorporated in India, from M/s Shinano Retail Private Limited (Shinano), one of the shareholders of Prism.    

M/s Eros International Media Limited

Approval has been sought by Eros International Media Limited for making  downstream investment by way of acquisition of shares of an Indian company for non-cash consideration, i.e., by issuance of shares of the applicant company to the existing shareholders of the investee company.

M/s NTT Communications India Pvt Ltd , Delhi

NTT Communications India Network Services Pvt. Limited (“NewCo”)

Approval has been sought by M/s NTT Communications India Pvt Ltd for downstream investment in an Indian company yet to be incorporated for carrying out the telecom services.

M/s Sprint Telecom India Private Limited

(i) To increase the amount of foreign equity from Rs.6,25,07,800/- to Rs.9,62,07,400/-.

(ii) To purchase 13,00,260 shares constituting 26% share capital of M/s Sprint Telecom India Private Limited held by Persistent Systems Limited by way of purchase of 13,00,259 shares of Sprint Telecom India Private Limited by M/s Sprint International Holding Inc., USA being 25.99% and purchase of 1 share of Sprint Telecom India Private Limited by M/s Sprint International Inc., USA being 0.01%.

M/s Sprint Telecom India Private Limited

Mr. Ajeet Pratap Singh, Indore, (behalf of M/s Sonder Softech Technologies LLP)

Approval has been sought by Mr. Ajeet Pratap Singh, Indore, for setting up a Limited Liability Partnership (LLP) with FDI of 70 per cent.

M/s YourNest Angel Fund (Trust)

Approval has been sought by M/s YourNest Angel Fund to invite up to 49% foreign investment from M/s Tech Entrepreneurship India Company Limited, Mauritius.

M/s FiberFox India Pvt. Ltd, Delhi

Approval has been sought by M/s FiberFox India Pvt. Ltd, Delhi for clearance certificate from FIPB as required by the tendering process for BSNL.