The Hindu Business Line : Simplex Concrete gets FIPB nod to issue shares to Beethoven

THE Foreign Investment Promotion Board (FIPB) has approved a proposal by construction company Simplex Concrete Piles (India) Ltd to issue 12.85 lakh equity shares to Mauritius-based Beethoven Ltd, for Rs 93.32 crore.

The proposal involved issue of 12,85,000 equity shares of Rs 10 each in the company to Beethoven Ltd, Mauritius — a wholly owned subsidiary of Chryscapital III LLC — at Rs 726.30 per share.

Simplex Concrete Piles India's activities span industrial projects, piling jobs, marine constructions of ports and bridges, ground strengthening, soil investigations, power projects, processing plants, and commercial and residential complexes.

"As per the existing policy, 100 per cent FDI is permitted in the existing activities. The group company of the foreign investor has financial and technical collaboration with Gammon India Ltd and Shriram EPC Ltd. However, the applicant company has furnished No Objection Certificates (NoCs) from these Indian JV companies," sources said.

During the deliberations, the Department of Industrial Policy and Promotion (DIPP) had said it did not have any objection to the proposal subject to the condition that the new venture would not affect the interest of the existing joint venture.

"The representative of the Department of Commerce and DEA (FIU), in the meeting, supported the proposal and the Board has recommended the proposal for consideration and approval subject to the conditions," sources pointed out.

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