The approved proposals included those sought by Alstom Manufacturing India Limited and pharma majors like Cipla, Glenmark, Emcure, and Celestis
The Dollar Business Bureau
In the pharma sector, Cipla has got the go-ahead to bring in a maximum Rs. 145.22 crore from Mauritius-based FIL Capital Investments Limited
- Cipla has been given the go-ahead to bring in maximum Rs. 145.22 crore from Mauritius-based FIL Capital Investments Limited
- Glenmark Pharmaceuticals Limited got the approval for the allotment of its 1.03 lakh equity shares to the company’s offshore employees, which will fetch the company up to Rs.3.34 crore.
- Emcure Pharmaceuticals Limited has been granted permission to issue additional ESOPs (Employee Stock Ownership Plans) to its four non-resident employees to raise Rs. 57.4 crore.
- Celestis Pharmaceuticals has been allowed to transfer its 51% shares to the UK-based firm Abhaya Investments Limited. This move will result into the inflow of Rs.1.06 crore in the country.
In the manufacturing sector Alstom Manufacturing India Limited which has been engaged in Railway infrastructure development will bring in up to Rs. 400 crores through FDI in the country. Alstom Manufacturing India Limited had sought permission to hold equity and arrange finance for its downstream investment company Madhepura SPV till July 2017. “Thereafter, no FIPB approval is warranted for the period after which Alstom Manufacturing India Limited will be only an investing company and will begin operations (Railway infrastructure),” the ministry statement said.
The telecom giant ATC Asia Pacific Pte’s proposal of Rs.5856.51 crore, for the acquisition of 51% share in Viom Networks Limited by way of transfer from existing shareholders has been referred to the Cabinet Committee on Economic Affairs (CCEA).
As per the FDI norms, a proposal worth Rs. 5,000 crores and above needs approval from the CCEA headed by the Prime Minister.
Besides, a total of five FDI proposals related to trading and IT-enabled services sectors were rejected and eight others, mostly from insurance and other sectors, have been deferred.
February 18, 2016 | 11:30 am IST
to success.