The government, on the recommendation of the Foreign Investment Promotion Board (FIPB), has approved as many as nine FDI proposals worth Rs 798.73 crore.

Of the total, Hospira, a Singapore-based company, proposed to invest Rs 650 crore into Hospira India, Tamil Nadu. Further, Westbridge Crossover Fund LLC, Mauritius, has secured approval for issuance of the warrants convertible into equity shares. The proposal entails investment of Rs 100 crore.

Other investment proposals that have been cleared include that of Indo-German Steel Hub; Golden Invest, Singapore; and B Braun Singapore, Singapore.

In addition to this, the government has recommended the proposal of GlaxoSmithKline, to be considered by the Cabinet Committee on Economic Affairs (CCEA), since the investment involved in the proposal is above Rs 1,200 crore. The company has proposed to acquire 24.33 per cent stake in GlaxoSmithKline Pharmaceuticals at an investment of Rs 6,400 crore. The government has also recommended Prizm Payments Services to secure approval from CCEA. The company has proposed to acquire 100 per cent equity stake of Prizm Payment Services from resident and non-resident shareholders by Hitachi Consulting Software Services and Hitachi.