Government approved 10 proposals of FDI amounting to Rs 2857.83 Crore

Based on the recommendation of Foreign Investment Promotion Board, government has approved 10 proposals of Foreign Direct Investment amounting to Rs. 2857.83 Crore approximately.

Foreign Investment Promotion Board (FIPB) has recommended this proposal on its meeting held on 17th February 2015.

10 proposals of FDI approved by Government amounting to Rs 2857.83 Crore

In Pharma sector, proposals of M/s Koye Pharmaceuticals Private Limited, M/s Ipca Laboratories Limited, M/s Biogenomics Limited, M/s Syngene International Limited and M/s Reckitt Benckiser (India) Limited has been approved amounting Rs 60 crore, 900 Crore, 75 Crore, 380 Crore and 750 Crore respectively.

In another proposal from Pharma sector amalgamation of M/s Alere Medical Private Limited and M/s SD Bio Standard Diagnostics Pvt. Ltd has been approved.

M/s Ostro Energy Private Limited, New Delhi has sought permission as a core investment company for investment of USD 230 million (approximately INR 1400 crores) over the next 4-5 years in wind energy assets in India via downstream investment.

In addition to above proposals, following small investment proposals are also approved.

  • Rs 40 Crore proposal for increasing foreign investment in M/s Air Works India (Engineering) Private Limited for its WoS engaged in Aircraft Management Services and Air Charter Services as “Non for Scheduled Operators Permit is approved.
  • Rs 1.25 crores proposal of M/s Luvenus Jewellery Pte Ltd for setting up a retail outlet at the Mumbai International Airport.
  • Rs 1.58 crore proposal of M/s Wacoal International Hong Kong Co. Ltd. (Hong Kong) to set up a JV with 51% equity participation for undertaking of single brand retail trading of products under the brand name ‘Wacoal’.

Government has also deferred 18 proposals, rejected 2 proposals and not considered two proposals.

One proposals in which approval has been sought by M/s Ambuja Cements Limited for the acquisition of 24% shares in its holding company; Holcim (India) Pvt Ltd from the latter’s holding company M/s Holderind Investments Ltd (NR) and subsequent reverse merger through a share swap has been recommended for consideration of the CCEA.

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