Govt okays FDI proposals worth Rs. 6050.10 crore

The government deferred six proposals including those sought by companies operating in mining, financial services, insurance and banking sectors The Dollar Business Bureau

FDI requests for Health Media Publishing Pvt. Ltd., Buimerc Core Investments Pvt. Ltd. and Sai Life Sciences Ltd. were also approved by the government.

The government on Thursday approved five proposals seeking foreign direct investment (FDI) amounting to Rs. 6050.10 crore, deferring six and rejecting two. “Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its 229^th meeting held on December 21, 2015, the government has approved five proposals of foreign direct investment (FDI) amounting to Rs.6050.10 crore,” Ministry of Finance said in a statement. The largest approval was sought by Cadila Healthcare Ltd. – an Ahmadabad-based pharmaceuticals company – for a fresh equity infusion of up to Rs. 5000 crore by QIBs for the expansion of the business. Swedish pharmaceutical major Recipharm AB sought a Rs.1050-crore approval for investing in other companies as well as making downstream investments in an existing pharmaceutical manufacturing company Nitin Lifesciences Ltd. FDI requests for Health Media Publishing Pvt. Ltd., Buimerc Core Investments Pvt. Ltd. and Sai Life Sciences Ltd. were also approved by the government. The government also deferred six proposals including those sought by companies operating in mining, financial services, insurance, and banking sectors. Proposals of Mokeme Chiwetal Izuchukwu, Nigeria and Lanarth Developers Pvt. Ltd. were rejected by the government.

January 14, 2015 | 5:32pm IST.

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The Dollar Business Bureau - Jan 14, 2016 11:59 IST

Govt okays FDI proposals worth Rs. 6050.10 crore

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