Tikona, Netmagic, Genpact and Telcordia gets FDI approval

Tikona, Netmagic, Genpact and Telcordia gets FDI (foreign direct investment) approval from Foreign Investment Promotion Board (FIPB) in its meeting held on August 1, 2014,

Tikona Digital Networks proposes to Increase foreign equity participation from 72.58 to 73.76 percent by issuing compulsorily convertible debentures (CCDs) and/or equity shares to International Finance Corporation and other existing non-resident investors. The fund is to the tune of Rs 250 crore.

Netmagic Solutions is increasing its foreign equity from 74 percent to up to 81.6345 percent by NTT Communications. The fund is to the tune of Rs 575 crore.  Verdant Telemetry & Antenna has also got FDI approval for enhancement of NRI equity worth Rs 0.23 crore.

Genpact India, an Indian company, which is fully foreign owned is going for the reverse merger of its holding company. The company is issuing shares to the other group holding entities in Mauritius and Singapore. Appdynamics Asia Pacific has got FDI approval worth Rs 0.70 crore. The company proposes to provide software development services and information technology enabled services to its group companies across the world.

Telcordia Technologies is seeking approval for increase the foreign equity participation in MNP Interconnection Telecom Solutions India, engaged in telecom sector, from 74 percent to 100 percent. The company has got an FDI approval to the tune of Rs 7.25 crore.

On the other hand Verizon Communications India and Indius Broadband Partners FDI has been deferred. Verizon Communications India engaged in telecom sector, is seeking approval to increase foreign equity participation by its foreign parent from 74 to 100 percent.

Indius Broadband Partners LLC proposal for FDI by Pureplay Investment Partners Mauritius for upto 74 percent in Indiverse Broadband Private Limited, an existing company engaged in the  cable television networks business and undertaking upgradation of networks towards digitization and addressability of 49 percent in JVC-I and 49% in JVC-2. Both joint venture companies will act as an investing company.

The government has rejected FDI approval of Cheetah Communications, Asergis Communications and Seneca Global IT Services. Cheetah Communications is a newly incorporated company and is seeking approval to engage in the internet and telecom related services and to increase foreign equity participation upto 100 percent by way of fresh issue of shares and transfer of shares from existing resident shareholders.

Asergis Communications is a new telecom company and has sought the approval for foreign equity participation of 100 percent and Seneca Global IT Services has sought approval for swapping of shares between the shareholders of the Indian company and Seneca Global Holdings on the basis of the decided swap ratio.

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