Idea, Star Den among Rs-1200 cr FDI proposals approved; latter to switch to investing biz

NEW DELHI: Star Den Media Services and Idea Cellular are among the six proposals cleared by the government on Thursday for receiving foreign direct investment (FDI) of around Rs 1,200 crore.

Other companies that have been cleared are -- Sanofi Synthelabo India, Recipharm Participation B.V. Netherlands, Boehringer Ingelheim India Pvt. Ltd, A. Menarini India Private Limited. Six proposals have been deferred for further discussions -- Gland Pharma Limited, Flag Telecom Singapore Pte Limited, Crest Premedia Solutions Pvt. Ltd, Scientific Publishing Services Pvt Ltd, You Broadband India Limited and Netmagic Solutions Pvt. Ltd.

There were a total of 17 proposals recommended by FIPB  in its meeting held on 29 December 2016 headed by economic affairs secretary Shaktikanta Das.

Idea Cellular Infrastructure Services Ltd’s proposal to take on record the increase of foreign investment in ICISL beyond 50 per cent and allow foreign investment in ICISL up to 67.5 per cent received approval.

Star Den Media Services' proposal to discontinue its existing business of providing support services to broadcasters in relation to TV channel distribution business, and thus continue to act only as investing company was also okayed.

The Finance Ministry on the recommendation of the Foreign Investments Promotion Board has thus given permission to Den only to continue as investing company. Thus, no new foreign investment is involved.

The committee deferred decision on a proposal by Flag Telecom Singapore Pte Limited Singapore, an indirect wholly owned subsidiary of Reliance Communications (RCOM), India seeking approval to acquire 100 per cent shares of M/s Reliance Global Cloud Xchange Limited which was incorporated in June 2016 by Indian residents.

A proposal by M/s Crest Premedia Solutions Pvt. Ltd seeking approval for issuance of equity shares to the non-resident shareholders of M/s Springer SBM Holding Ltd., a Mauritius Company under a Scheme of Amalgamation was also deferred. SBM Holding will amalgamate into CPSPL, which is part of the Springer Group of companies.  

M/s You Broadband India Limited had sought post facto approval for acquisition of 9,79,875 equity shares of its downstream company M/s Digital Outsourcing Private Limited (DOPL) in lieu of issue of 20,58,759 equity shares to its resident shareholders by way of swap of shares but this was deferred today.

A proposal by Netmagic Solutions Pvt. Ltd for the increase in the shareholding of NTT Communications Corporation, Japan in the company from 81.63 per cent to 100 per cent was deferred, as was a proposal by M/s Scientific Publishing Services Pvt Ltd for issuance of equity shares to the non-resident shareholders of M/s Springer SBM Services Limited, a Mauritius Company under a Scheme of Amalgamation of SBM Services with SPSPL, pursuant to approval of the High Court.

Also Read :

Nod to Idea, Star Den & four may fetch Rs 1200 cr FDI; You & Crest proposals deferred

Star Den, Flag Telecom, You & Idea FDI meet on 28 Dec

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