Government clears 23 FDI proposals worth Rs.10, 378 crore, rejects six
The government has cleared a total of 23 Foreign Direct Investment (FDI) proposals worth Rs.10,378.9 crore. The proposals recommended by the Foreign Investment Promotion Board (FIPB) were related to pharmaceutical, defence and financial services sectors. “The government has approved 23 proposals of FDI amounting to Rs.10,378.92 crore,” the Finance Ministry said in an statement on Thursday. Of the total approved projects, 12 were related to pharmaceutical sectors including those from Glaxo, Novartis, Mylan and Natco, and two were linked to the banking sector from Bandhan Financial Services and Catholic Syrian bank worth Rs.1,049 crore and Rs.1,200 crore respectively. While the government deferred decision on 13 proposals including those related to telecom services and Reliance Globalcom, Bermuda,it rejected six other applications. Besides, a proposal worth Rs.4,960 crore put forth by Mylan Laboratories, an Indian arm of US-based Mylan Inc., was recommended for the approval from the Cabinet. As per norms, a proposals worth more than Rs.3,000crore needs clearances from the Cabinet Committee of Economic Affairs (CCEA). According to the government data, India received FDI worth $7.45 billion during April-May of the current financial year, up 40 % from $5.3 billion receivedduring the same period of last year. Last month, the government had approved sevenFDI proposals worth Rs.981.15 crore. Till July, the government has received 170 FDI proposals of which 85 have been approved.
August 14, 2015 | 3:56pm IST.
to success.