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FIPB gives nod to six FDI proposals

Tuesday, 30 Jul 2013

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Foreign Investment Promotion Board (FIPB), has given its nod to six Foreign Direct Investment (FDI) proposals, worth Rs 855 crore, in the pharmaceutical sector.

The approved proposals include that of Calyx Chemicals & Pharmaceuticals to invest Rs 200 crore; a proposal of Singapore-based Smith & Nephew to bring in Rs 142 crore; and a proposal of Lotus Surgical Specialities to bring in foreign investment of Rs 150 crore.

In addition to this, the proposal of Singapore-based healthcare firm, Fresenius Kabi, to bring in FDI worth Rs 349 crore has also received the FIPB's sanction. The company proposes to acquire the public shareholding of its Indian subsidiary, Fresenius Kabi Oncology, through a voluntary delisting offer.

Other pharma proposals that were cleared were those of Andhra Pradesh-based Celon Laboratories worth Rs 12.55 crore; and Hyderabad-based Globion India worth Rs 1.17 crore.

Apart from the pharmaceutical sector, the FIPB has also cleared the Rs 2,058 crore Jet-Etihad deal.