The Central Government has accorded approval to 14
foreign direct investment (FDI) proposals envisaging a total capital
inflow worth Rs.113.35 crore. Of these, three clearances pertain to the
pharmaceutical sector and account for a major chunk of Rs.81.05 crore as
FDI.
According to a Finance
Ministry statement, among the proposals approved on the
basis of recommendations of the Foreign Investment Promotion Board
(FIPB) headed by Department of Economic Affairs (DEA) Secretary Arvind
Mayaram was that of U.K.-based Dashtag which has been allowed to hike
its foreign equity valued at Rs.68.22 crore. The nod is for carrying out
the business of pharmaceuticals specialising in dermatology,
anti-histamines, antibiotics and oncology products.
Prime
Surgical Centers Private Ltd. has also received the go-ahead to set up a
limited liability partnership (LLP) to carry out the business of
setting up and managing short stay surgery centres in India. With its
flagship centre in Pune, the company proposes to bring in FDI worth
Rs.14 crore in the medical venture.
Mumbai-based Neo
Capricorn Plaza Ltd. was also given post-facto approval for issue of
partly paid-up shares to carry out the business of construction of
five-star hotels while Pipavav Defence and Offshore Engineering Company
Ltd. has been permitted to increase foreign equity by way of issuance of
foreign currency convertible bonds (FCCBs) to carry out the business of
shipbuilding, ship repairs and offshore assets production.
Decisions
on nine proposals were deferred owing to a variety of reasons. These
include applications of Multi Commodity Exchange of India, Multi Screen
Media Pvt. Ltd. and Deutsche Investments India Pvt. Limited. Alongside,
seven proposals pertaining to companies such as British Marine India,
Atlas Equifin Ltd., Filtrex Technologies and IPsoft Netherland were
rejected.
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