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FIPB: TutorVista approved; Knowlarity, ACT, Verint Systems deferred

The Indian government has approved eight proposals of foreign direct investment amounting to Rs 34.77 crore approximately, based on the recommendation of the Foreign Investment Promotion Board last month. Among the internet, publishing and mobile companies which got their approvals are:

TutorVista: The FIPB approved the proposal for merger of several direct and indirect wholly owned subsidiaries of Pearson (Singapore) PTE Limited. Pearson earlier in 2013 had acquired 100% stake in TutorVista and while the financial details of the acquisition were not disclosed.  Pearson also appointed Srikanth B Iyer as the new CEO of TutorVista and founders Krishnan Ganesh and Meera Ganesh have exited the company.

The internet, publishing and mobile companies companies deferred by the government include:

Knowlarity: Cloud telephony company, Knowlarity’s proposal to transfer shares from existing investors and issue fresh equity shares and CCPS to existing and new investors which would lead to an increased FDI stake from 56.14% to 80.97% has been deffered. In July 2014, Knowlarity raised $16 million in Series B funding from Sequoia Capital and Mayfield Advisors and said that the money would be invested in technology and international expansion.

Atria Convergence Technologies: Earlier in July 2014, ACT has rebranded its broadband brand ACT Broadband as ACT Fibernet and has introduced a new 60 Mbps plan with an FUP of 100GB and the company intends to raise and invest Rs 500 crore to double its broadband base to 1 million. Private Equity player India Value Fund’s proposal for a downstream investment in Atria Convergence Technologies (ACT) has been deferred. India Value Fund has 97% FDI also has downstream investments in companies engaged in internet service provider and multi system operator for cable network.

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Verint Systems: Verint Systems sought the removal of a condition to remove of seeking prior approval before  making every sale imposed by FIPB. Verint Systems in India is a wholly owned subsidiary which holds a FIPB approval to undertake  cash and carry wholesale trading and export trading in respect of only Enterprise Intelligence Systems( EIS) and Video Intelligence Systems (VIS) products related to telecom and defence.

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