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Govt. gives clearances to 17 FDI proposals

Wednesday, 08 May 2013
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The Central Government on 7 April, 2013 gave its clearance to 17 proposals of Foreign Direct Investment (FDI).

FDI clearances amounting to Rs 262.55 crore have been given on the recommendations of the Foreign Investment Promotion Board at its meeting on March 13. As many as 17 proposals were cleared, including pharmaceutical company Sanofi's application to invest Rs 180 crore to acquire another pharma company through internal accruals.

Other approvals include Rs 70 crore brought in by Augere Wireless Broadband (I) to capitalise the balance amount of the spectrum fee earlier paid to the Department of Telecommunications; Induction of Rs 7.65 crore by France-based Na Pali Europe SARL's in an Indian company to carry out single brand retail trading; and Issuance of shares worth Rs 2.54 crore by Zap Piling India, Chennai, on incorporation of the company.

Meanwhile, the Central Government has deferred seven proposals. These include Mylan Laboratories submission to acquire the entire business of manufacturing from another existing Indian pharmaceutical company, and two proposals by Muthoot Finance and Euronet Services to set up White Label ATMs.


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