Government clears 21 FDI proposals worth Rs 280.70 crore

 The Dollar Business Bureau The Central government has approved 21 Foreign Direct Investment (FDI) proposals amounting to Rs 280.70 crore. The proposals involving investment of more than Rs 3000 crore were cleared by the Foreign Investment Promotion Board (FIPB)’s, an inter-government panel, during its meeting on April 30. Among the proposals that got government’s nod included the ones from Blue Dart, Montblanc, S Oliver and Forever. "The government has approved 21 proposals of foreign direct investment (FDI) amounting to Rs 280.70 crore," a Finance Ministry statement said on Monday. The government, however, deferred 12 proposals including Kotak Mahindra Bank’s proposal for increasing the aggregate foreign investment limit in the bank to 55%. Among the 21 approved proposals, major share was held by the proposal of Gujarat-based La Renon Healthcare seeking to invest Rs 100 crore in Brownfield Pharmaceuticals sector. Another big proposal approved by the government included the one from the Blue Dart Express for acquisition of shares in Blue dart Aviation through purchase of shares from existing shareholders which would increase the shareholding from 49%to 74%. The deal will entail FDI worth Rs 52.8 crore. The FDI proposals based on the recommendations of FIPB had sought foreign capital in key sectors like Pharma, Civil Aviation, manufacturing and e-commerce, among others. The proposal worth Rs 18.30 crore from Forever Living Imports (India) to undertake single brand retailing of ‘Forever’ brand products in India was also approved by the government. The FIPB also cleared Quickjet Cargo Airlines’ proposal to increase foreign shareholding in the company to 74% from 62.34%. The Board also rejected seven proposals including that of Sharekhan and Human Value developers for the transfer of CCDs and CCPs of their companies held by IDFC limited to Baring Private Equity Asia IV Mauritius Holdings Limited.    

May 26, 2015 | 5:46 pm IST.