GOVERNMENT CLEARS 20 FDI PROPOSALS WORTH 998 CRORES NEW DELHI: The Finance Ministry has cleared 20 FDI proposals including 6 in the pharma sector envisaging a total inflow of Rs 988.3 crore. The proposals of Fresenius Kabi Oncology for Rs 119 crore and Amneal Pharmaceuticals Companys for up to Rs 205 crore have been approved by the Foreign Investment Promotion Board (FIPB), a multi-department panel headed by Finance Secretary. Indusind Banks proposal seeking increase in foreign investment in the bank to 74 per cent has also been cleared. The amount of fund flow would depend on when the actual transaction takes place in case of the bank. The bank, according to a release today, sought a specific request to grant post-facto approval for increase in foreign holding from 68.51 per cent to 72.07 per cent on June 30, 2014. These proposals were approved at the FIPB meeting held on September 16, it said. Tamil Nadu-based Equitas Holdings Pvt Ltd, with the largest proposed investment in the lot, would bring foreign capital of Rs 325 crore. The approval was sought by the company for downstream investment in its wholly owned subsidiaries by its existing and new foreign shareholders leading to increase in the foreign equity from 91.30 per cent to 93.12 per cent. It is followed by Mumbai-based Tara India Fund envisaging investment of Rs 305.63 crore. Under the defence sector, proposals of Bharti Shipyard Ltd and Solar Industries India will not lead to any fund flow. Telecom player Verizon Communications Indias proposal for increase in foreign equity participation by its foreign parent from 74 per cent to 100 per cent was approved entailing investment of Rs 2.32 crore. Meanwhile, FIPB rejected 5 proposals including Sistema Shyam Teleservices Ltd. SSTL sought permission to increase FDI up to 100 per cent in the company and its downstream wholly owned subsidiary Shyam Internet Services Ltd, both engaged in the telecom sector, on account of conversion of redeemable preference shares into equity. At the same time, 8 proposals including four from the pharma sector was rejected. Proposals of BioMerieux India Pvt Ltd and Kusum Healthcare Pvt Ltd among pharma sectors were rejected.
Posted on: Sat, 25 Oct 2014 02:38:56 +0000
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