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Govt approves 12 FDI proposals

Wednesday, 07 Aug 2013
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The Central Government, on the recommendation of the Foreign Investment Promotion Board (FIPB), has given its approval to 12 Foreign Direct Investment (FDI) proposals.


The 12 proposals, worth Rs 343.39 crore, include Sutures (I)'s proposal to increase FDI holdings in the company by another 26 per cent from the current 35.28 per cent worth Rs 160 crore.


Approval has also been given to the proposal of Dia Vikas Capital to convert itself into a core investing company and to get additional FDI worth Rs 93.06 crore.

 

The other proposals which were approved include that of BNP Paribas; Indocon Agro and Allied Activities; Gilbarco Veeder-Root India; and Elpro International.


Besides, the board has kept two proposals in abeyance till DIPP finalises the policy on FDI in brownfield pharma projects involving transfer of control. These include a proposal of Mylan Inc, USA, worth Rs 5,168 crore, to acquire another Indian pharma company engaged in the manufacture of generic pharma products. The other is the proposal of Symbiotec Pharmalab worth Rs 330 crore to transfer and issue equity shares to a foreign company.


Meanwhile, the government has deferred four FDI proposals and rejected three.

 
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