Based on the recommendations of Foreign Investment Promotion Board in its 230 meeting held on 29 December 2015, the Government has approved the proposal of M/s Firefly Networks Ltd and has also recommended the proposal of M/s HDFC Standard Life Insurance Company Ltd for the approval of CCEA, which involves Foreign Direct Investment (FDI) of Rs. 1705 crore.
The following one (01) proposal has been approved:
S. No. | Item No | Name of the applicant | Gist of the proposal | Sector | FDI (in Rs. Crore) |
1 | 7 | M/s Firefly Networks Ltd | Approval has been sought by M/s FireFly Networks Limited for approval of the existing foreign investment (50% indirect) and to permit commencement of activities as a Telecom Infrastructure Provider Category-I (IP1). | Telecom | Nil |
The followingone (01)proposal has been recommended for approval by the Cabinet Committee on Economic Affairs (CCEA) under para 5.2.3 of the FDI Policy 2015:
S. No | Item No | Name of the applicant | Gist of the proposal | Sector | FDI (in Rs. Crore) |
1 | 8 | M/s HDFC Standard Life Insurance Co. Ltd | Approval for transfer of its shares currently held by Housing Development Finance Corporation Limited (HDFC) to Standard Life (Mauritius Holdings) 2006 Limited, thereby increasing foreign shareholding in HDFCSLI from 26% to 35%. | Insurance | Rs.1705 cr |
The followingfour (04)proposals have been deferred:
S. No. | Item No | Name of the applicant | Gist of the proposal | Sector |
1 | 1 | M/s Quantum Simulators Pvt Ltd | Approval to set up a stimulator Manufacturing Company in India for various applications including military and commercial uses in technical collaboration with leading US Company M/s Textron with US $ 15 Billion revenue. Further M/s Quantum Simulator has a JV agreement with a Indian company who would be holding 51% and the balance 49% by Quantum | Defence |
2 | 2 | M/s Sharekhan Limited | Acquisition of up to 100% of the share capital of Sharekhan Limited other than the shares held in Sharekhan Limited by Human Value Developers Private Limited by BNP Paribas SA France and/or one or more of BNPs French subsidiaries. II. Acquisition of 100% capital of Human Value Developers Private Limited by BNP and/ or one or more of BNPs French subsidiaries. | NBFC |
3 | 6 | M/s Aviva Life lnsurance Co lndia Ltd | Approval has been sought by Aviva Life Insurance Company India Limited to increase the foreign shareholding from 26% to 49% by Aviva International Holdings Limited, UK by way of transfer of 23% shareholding currently held by Dabur Investment Corp. | Insurance |
4 | 9 | M/s Tata Sikorsky Aerospace Limited |
Approval has been sought for | Defence |
The followingone (01)proposal has been rejected:
S. No. | Item No | Name of the applicant | Gist of the proposal | Sector |
1 | 5 | M/s Software is Correct, Inc. | Approval has been sought for infusing fresh funds of up to USD 15 million in its wholly owned Indian subsidiary | IT/ITES |
The followingone (01)proposal does not lie before FIPB:
S. No. | Item No | Name of the applicant | Gist of the proposal | Sector |
1 | 3 |
M/s P C Ghadiali and Co LLP | P C Ghadiali and Co LLP, a CA firm has been appointed by Mazav Management LLC, USA to apply on their behalf to FIPB for the acquisition of 24% shareholding in Nexus Flight Operation Services India Pvt. Ltd, held by Sovika Aviation Services Private Limited. | Ground Handling Services |
The followingone (01)proposal was withdrawn by the applicant:
S. No. | Item No | Name of the applicant | Gist of the proposal | Sector |
1 | 4 | M/s SunE Solar B.V. | Approval is sought by SunE Solar B.V., a company registered in Netherlands, to set up a LLP in India along with SunEdison Energy India Private Limited and SunEdison Solar Power India Private Limited, both private limited companies incorporated in India. | LLP |
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DSM/MAM/KA
Ministry of Finance of the Republic of India issued this content on 2016-01-19 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 2016-01-19 12:12:24 UTC
Original Document: http://pib.nic.in/newsite/PrintRelease.aspx?relid=134596