The Indian government has approved 15 proposals of Foreign Direct Investment (FDI), valued at around Rs 689.35 crore approximately, based on the recommendation of the Foreign Investment Promotion Board last month. Additionally the government recommended one proposal by HDFC Bank Limited for consideration of Cabinet Committee on Economic Affairs.
Among the Information and Broadcasting, NBFC and IT & ITES companies which has received approvals from the FIPB are:
– Panacea Publishing: For investment of upto 50% foreign equity by Panacea Publishing International Limited UK, to engage in print and advertising media business. The approval comes for an investment upto Rs 10 lakh.
– Vogel Business Media India: For including a new foreign investor, to whom shares had been issued in 2011, change of name of an existing investor and induction of name of one foreign investor which did not feature in the approval letter. Previously, in 2011, the company received an approval for induction of FDI up to 100 per cent “to carry out the business of publishing/ printing of scientific and technical magazines/ specialty journals/periodicals”, by the FIPB.
– GETIT* Infoservices Private Ltd: To increase the foreign investment in its share capital from the present 96.266% to upto 100%. The firm received an approval to raise up to Rs 184 crore.
GETIT had previously received an FIPB approval to raise Rs 216 crore investment in June last year. GETIT Infomedia’s then CEO Jaspreet Bindra had said the investment mentioned in the FIPB approval is from its strategic investor Astro who “has been and will be putting money in GETIT Infomedia in tranches”.
– Zipcash Card Services: To remove the condition of minimum capitalization of USD 0.5 million or to alternatively permit NRIs to transfer the fully paid equity shares to any person resident in India, without requiring to adhere to the aforementioned requirement.
The Information and Broadcasting, NBFC and IT & ITES companies deferred by the government include:
– Augere Wireless: To increase its foreign equity participation from 74% to 100%. The company had previously got FIPB approval for increasing its foreign equity from 49% to 74% in 2011.
– Baring Private Equity: For transferring CCDs and CCPs of Sharekhan Limited and Human Value Developers Pvt Ltd., to Baring Private Equity.
*Disclosure: GETIT Infomedia is an advertiser with Medianama