News Hour: 14 FDI proposals worth Rs 113.35 crore cleared: Government

NEW DELHI: The government today said it has cleared 14 FDI proposals worth Rs 113.35 crore including three from the pharmaceutical sector.

The Foreign Investment Promotion Board (FIPB) in its meeting held on September 18 approved 14 FDI proposals, which include 3 proposals worth Rs 81.05 crore in pharmaceuticals, the Finance Ministry said in a statement.

Among others, the board, headed by Department of Economic Affairs Secretary Arvind Mayaram, cleared the proposal of United Kingdom-based Dashtag to increase foreign equity valued at Rs 68.22 crore.

This is to carry out the business of pharmaceuticals specialising in dermatology, anti-histamines, antibiotics and oncology products.

Clearance was also given to Prime Surgical Centers Private Ltd proposal to set up an Limited Liability Partnership (LLP) to carry out the business of establishing and managing short stay surgery centres in India with its flagship centre in Pune. The company proposes to bring FDI worth Rs 14 crore in the venture.

Further, the proposal of Mumbai-based Neo Capricorn Plaza Ltd for post-facto approval for issue of partly paid up shares to carry out the business of construction of five star hotels was okayed.

FIPB also cleared the proposal of Pipavav Defence and Offshore Engineering Company Ltd to increase foreign equity by way of issuance of FCCBs to carry out the business of shipbuilding, ship repairs, offshore assets production etc.

Other proposals which have been approved are those of Calyx Chemicals and Pharmaceuticals Limited, Egon Software Pvt Ltd and Alburaq Trading LLP.

Decisions on nine proposals were deferred due to various reasons. These includes applications of Multi Commodity Exchange of India, Multi Screen Media Pvt and Deutsche Investments India Private Limited.

Also, seven requests for FDI including that of British Marine India, Atlas Equifin Ltd, Filtrex Technologies andIPsoft Netherland were rejected, the ministry said.

FDI inflows in the country in 2011-12 stood at $ 36.50 billion.
(Source: economictimes.indiatimes.com)