Govt approves 4 FDI proposals, rejects 4

The Dollar Business Bureau

The government has approved four Foreign Direct Investment (FDI) proposals, based on the recommendations of Foreign Investment Promotion Board (FIPB). Apart from this, the Board has deferred eight proposals and rejected four.

“Based on the recommendations of FIPB in its 241st meeting held on October 27, 2016, the Central Government has approved four FDI proposals, said an official statement on Thursday.

The proposal of BMJ Group India Pvt Ltd, for carrying on the business of printing, publishing and circulating or otherwise dealing in scientific and technical magazines/ specialty journals/periodicals and other publications, but not in any manner dealing with news and current affairs, has been approved.

The Board has also cleared the Rs.44.41 crore worth FDI proposal of Oxford University Press for setting up of a WOS in India by way of subscription of shares and debentures.

In addition, Dr. Reddy's Laboratories Ltd’s proposal to acquire Imperial Credit Pvt Ltd, an Indian NBFC, at around Rs.36 crore, has also got the FIPB nod.

Quintillion Business Media Pvt Ltd’s proposal for issuance of equity shares to BLOOMBERG LP at around Rs.13.4 crore has also been approved by the Board.

FIPB has also deferred eight FDI proposals including that of JC Decaux Advertising lndia, Panacea Publishing, Recipharm Participation BV, Crest Premedia Solutions, Scientific Publishing Services, JCB International, Netmagic Solutions, and Flag Telecom Singapore Pte Ltd.

The Board has rejected FDI proposals of four companies including Harris Communications Systems, Schoeller Technologies, bioMerieux India, and Barracuda Camouflage.