Govt clears four new FDI proposals worth Rs.385 crore
The government on Monday gave its nod to four new proposals of foreign direct investment (FDI) worth Rs.384.45 crore, while rejected an equal number of requests and deffered five others. Among those got clearance, two are related to pharmaceuticals sector and one each to defence and manufacturing. The clearance came based on the recommendations of the Foreign Investment Promotion Board (FIPB) in its meeting held on October 19. “…The government of India has approved four (04) proposals of Foreign Direct Investment (FDI) amounting to Rs.384.45 crore,” a Finance Ministry statement said. Pharma major Lupin got approval for its Rs.331.64-crore proposal. The company had sought approval in respect of ESOPs (Employees Stock Ownership Plans) issued before June 11, 2015 to its non-resident employees, which stock options have not been exercised nor shares otherwise allotted against them by Lupin up to the said date and issue of fresh ESOPs to non-resident employees after June 11. Eucare Pharmaceuticals Private Limited has also got permission to receive foreign investment up to 33% from HCP Healthcare Asia Pte. Ltd. The investment is valued at Rs.15 crore. BF Elbit Advanced Systems Private Limited got permission to increases the foreign shareholding from 26% to 49% by its existing shareholder Elbit Systems Land and C4I Ltd. Israel. Besides, Hanon Systems of South Korea can purchase 10,000 equity shares presently held by Allied Electronics and Automotive Systems Private Limited, Tamil Nadu. The FIPB deferred five FDI proposals— FireFly Networks, SeQuent Scientific Limited, Quantum Simulators, RoltaMeprolight, and LLP Diarough Far East Holdings Pte Ltd. Proposals rejected by the Board were related to Reliance Globalcom Ltd, Barefoot Resorts and Leisure lndia and Franklin Templeton Asset Management. A proposal by Alkem Laboratories Limited did not lie before the FIPB. The company had sought approval to undertake an IPO of its equity shares through an offer for sale of 1,28,53,442 equity shares of face value of Rs.2 each by existing shareholders of the company. The proposed foreign equity will be 10.75%.
November 09, 2015 | 2:54pm IST.
to success.