The Indian government has approved 12 proposals of Foreign Direct Investment (FDI) valued approximately at Rs 802.07 crore crore based on the recommendation of the Foreign Investment Promotion Board (FIPB). Among the Internet, Mobile and Media companies which has received approvals from the FIPB include:
- Prizm Payments: Prizm Payments, a Sequoia Capital backed company, has received approval to set up, own and operate White Label ATMs (WLAs) in India. However, there is no new cash inflow. The company had previously tied up with Axis Bank and Mswipe Technologies, to launch a mobile-based card acceptance service or mobile POS terminal called Swipeon.
- Silitech International (India) Pvt. Ltd: Silitech International has received approval for receiving consideration after two years from the date of issue of shares. It has received an approval for an investment of up to 0.01 crore. Silitech International is involved in making keypads for mobile phones.
Among other proposals, the government has deferred Singapore-based InterCall Asia Pacific Holdings Pvt. Ltd‘s proposal to set up a wholly owned subsidiary (WOS), to carry out the business of providing audio, video and web conferencing services for business, commercial, banking and other establishments. The government had deferred InterCall’s proposal in August 2012 as well.
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