Based on recommendations of the Foreign Investment Promotion Board (FIPB), the Union Government has cleared 17 foreign direct investment (FDI) proposals.

The 17 proposals, totalling Rs 992.61 crore, include a proposal from Fresenius Kabi (Singapore), for acquiring the shares of its subsidiary Indian company with an investment of Rs 349.03 crore; the proposal of Ramneek Singh, Amritsar, to set up a limited liability partnership firm with 93.34 per cent foreign equity to undertake agri-export business with an investment of Rs 154 crore.

Some pharma sector projects that have been cleared include Calyx Chemicals & Pharmaceuticals to invest Rs 200 crore; Smith & Nephew, Singapore, to invest Rs 142.29 crore; and Celon Laboratories, Andhra Pradesh, to bring in FDI of Rs 12.55 crore.

The FIPB also cleared a proposal of Penguin Books India, worth Rs 54.64 crore to increase FDI from 55 per cent to 100 per cent by transferring shares from residents to non-residents.

In addition to this, FIBP has deferred five FDI proposals and has also rejected another five.

Meanwhile, the proposal of Jet Airways, India, to acquire 24 per cent of equity shares of an Indian airline and to subsequently transfer the same to its WoS with an investment of Rs 2,057.66 crore, has been recommended for the consideration of CCEA, as the investment involved in the proposals is above Rs 1,200.00 crore.